no! the distress does not arise now tell us, that you expected ©from the "extraordinary exertions peace to bring distress. · of the war." There were no extraordinary exertions made, The money was borrowed to pay Austrians, Prussians, Germans,

And why did the war bring what was called prosperity? Why did it swell up the farmers and landlords and loom-lords and all

- Dutch and French Emigrants, the big? Why did it cause

London and Manchester and Liverpool to swell to double their

and that money has now to be paid, and at double tale too. This, therefore, is the season for size? Why did it build squares extraordinarg exertions." Bor-in, and villages round, London? rowing is an easy matter; but to pay is a serious affair; and especially in an augmented scale of money.

Why did it raise up palaces all over the kingdom? Because it engendered a paper-money, which went on depreciating in value, Tim, therefore, can do no-which raised prices of food and thing in the way of removing the raiment, which did not raise in present distress; and to hear due proportion the wages of layou, a Minister, building your bour, and which, therefore, robhope upon the effects of time, is bed, beggared, half-starved nine quite sufficient to convince us, millions aud a half and enriched that you have no remedy; and half a million. The half million that the thing will go on, till it drew into masses that which ought go to pieces in a crash. The to have remained with the nine

+

war was a singu ar war. Every millions and a half; and with these thing wore the outward appear-masses they made that show ance of prosperity. VAN, in which was and still is called pro

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pocket of the ten, it enables them to pay taxes, to the twenty and to build fine houses besides. And, thus, by means of the false money, the grand enterprize of the big-fellows goes on, and the " pro"sperity" increases. In time, the nine hundred and sixty-nine are half-naked and half-starved; and still there is all the outward appearance of prosperity.

But, this is a case of war and of loans. Now, suppose neither, and that the big fellow merely wants to make his country look

from the present distress. The place from the daily wages of war itself had nothing to do in them all. This goes into the creating the false prosperity. It was merely the cause of bringing into activity the Pitt-paper system. The same consequences would have resulted from a like system without any war. Now, my lord, lay aside, for a minute or two, all thoughts about the bawler Pitt, and hear me state a case. Suppose a community, or nation, of a thousand persons, one big-fellow, ten land people, twenty money people, and nine hundred and sixty nine little ones. Each, at the out-set, has his house, and each person lives fine. He causes a false money well according to his degree. The big-fellow wishes to carry on an be twenty employers. They diexpensive affair, and, therefore, rectly begin to deduct from the raises taxes on the rest much hea-wages of labour. The money vier than usual; but, these not thus deducted from the ninecoming in fast enough, he bor- hundred and eighty they apply rows of the twenty money peo-to the building of fine houses ple, and pledges future taxes and keeping of fine carriages. for the payment. This is one The produce from labour is the operation. In order to hide the same in amount as before; but effects of his extravagance, and the houses of the labourers beto give the air of prosperity to come mean and unfurnished; the his community, he issues out a labourers have but half a meal parcel of money, intrinsically and are in rags. Their sufferworth nothing. This raises the ings, their beggary, are, not seen, price of the land produce, and, but the fine houses and, carriages as the wages of the nine hundred are seen; and they are called and sixty nine do not rise in pro- proofs of prosperity. Well,`at portion, there is a deduction takes last, the big fellow resolves (no

to be put out.

Suppose there

4

matter from what motive) to put there can be no relief of the an end to his false money! What distress complained of, without now? Why, prices of food and a putting forth of a false paperraiment fall faster than wages. money. Let him and you and The nine hundred and eighty your colleagues and "the wishave the upper hand. The twenty dom of parliament" leave the can no longer make deductions matter to time. I ask no more. from their wages. The fine Let the Bank pay in gold, and houses cannot be kept up; the I am content to leave the whole carriages must be laid down: to time. Let the labourer have his and thus, though happiness is due: let us see the gallon loaf at really coming back to forty nine eight-pence: let us see the ploughfiftieths of the community, a man have two old bushels, eightdreadful howl is set up about een gallons, of best wheat for "distress!". his week's work, with a bottle of beer to carry out to field every day; let us see this, and time will soon put out the eyes of many thousands of scrip-castles, and make many and many thousands of persons walk on foot, who now loll in landaus.

If any thing were wanted to help out reason in so plain a case, we have it in that very Budget speech, which I subjoin to this letter, and which is a thing to be kept on record, that we may refer

- This is precisely the nature of the distress now complained of; and how is this to be removed by time? There is no removing it but by removing the sufferers from this earthly scene; or by putting out depreciated money again, and thereby enabling those sufferers to re-commence their deductions from the wages due to labour. Time will, indeed, remove the sufferers, first from their lands, and next from the world; but, no time, without a putting forth of depreciated pa- along. What! Another loan of per-money, can make them taste thirteen millions in the Sixth year again of what is called prospe- of a sudden transition from war rity. So that GAFFER GOOCH" to peace!" Is not this enough may say what he pleases about to open the eyes even of the not looking for the means of re-blind? Mr. VAN, too, has his lief in " modern patriotism and hopes of surmounting the diffi"revolutionary doctrines; " for, culties. But, says he, " in order

to it as the system works its way

"to effect this, it behoves every be not all taken in, the forging

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man to exert himself to his of them will go on; and, what " utmost." For what, now? is more, the Bank must take the For what purpose is he to make forgeries, or great alarm will be this new set of exertions? Why, spread, and a run take place as ✦ to RESCUE his fortune, pro- to all notes. The sooner, there"sperity and fame, and act as be- fore, the one-pounders are in the comes a member of this great better; and that will send us gold country." Bless us! what a into general circulation. The conclusion! And, is it really so, fives will follow of course; and my Lord Chancellor, that every then we shall soon have the gallon man's fortune, property and fame, loaf ut eight pence! That is my stand in need of rescuing! What! standard; that is my proof of are we on the pinnacle of glory," prosperity; and, if you and your and do we yet want rescuing? colleagues bring it to that, I will Are we saved, and yet want to never say a word even about SrDbe rescued? Here is a descrip- MOUTH again. I do not care>> tion of our state at the end of six about the interest of the Debt. years of profound peace! And, That is the affair of GAFFER with this description before us we GooCH and such men. It signihave to listen to your lordships fies not a straw to the millions, eulogiums on Pitt and his glorious whether the landlords be Jews or system. Christians. The gallon loaf for eight pence, and all will soon be to rights.

During the Budget-debate, there was a Mr. MABERLY who made some pointed remarks on the supposed wish of some persons to reduce the interest of the Debt! The honourable member was as sharp as a needle, and appeared

During the Budget-Speech Mr. VAN Congratulated the House and the country on the Bank having begun to pay in specie, and added, that" there was now no "fear of any further restrictions "on the circulation," I should have liked this better, if he had used the word cash instead of circulation; for this may mean, resolved that the landlords shouldthat there will be no more drawing not be suffered to cabbage away: in of paper. However, it will the interest at any rate. He be very difficult to stop paying basted even those who had hinted in cash now. If the one-pounders at the thing, and seemed resolved

" ex

to go through stitch with them if means get promises from us to they dared to touch so much as a the amount of 150,000 pounds? shred of the national faith. This Should we then say, that the gentleman "in doors" took a capital of the parish had increased very gay view of the state of 150,000 pounds? At this rate things. He said, "the capital every mortgage causes an increase "of the country had increased, of capital; aye, and every debt "in 26 years, upwards of too. Even Bank promises to " 600,000,000 millions, all promise to pay were, on Mr. Ma"funded British Capital." Now, berly's ground; so much capital. my lord, suppose you and 1 and This appears to have been JUDGE my hundred labourers compose à BAILEY'S view of the matter, in parish, and that I have an estate the speech ascribed to him as worth 100,000l. and you have having been made at York, in 200,000). in money. Suppose 1819. Mr. PERRY, that "unaswe go on borrowing from you," sailable,invisible,unaccountable and pledging our land and labour" being," who, according to his till you have got 150,000l. in countryman, MACINTOSH, " written promises to pay you the "ercises almost despotic sway interest on that sum. Shall we 66 over the minds of his readers,” then call those promises "capi-said, some time ago, that our "tal," and brag that the ca- finances could not be in better pital of the parish is increased hands than those of Mr. MA150,000 pounds? And, if we BERLY, Mr. BARING, Mr. PASCOE do this, shall we be justified GRENFELL, and Mr. RICARDO;' in banishing any one that may to which, with all my heart, I be unable to restrain himself say, Amen! Only I beg leave from laughing at us? I am, how-to add, PETER MOORE and EDever, here supposing an honest WARD ELLIce. transaction, and that you really do lend us the gold coin. What, then, would it be, if a Jew were to lend us brass or copper, or to trick us by false calculations and usury; to lend us, in fact, our tropolis! This is quite enough. own money and make us pay dou-It is precisely the idea of every' ble interest on it; and by these person of this description. A

Besides the evidence of our wealth given in the proof of our debts, Mr. MABERLY cited the Bridges, Canals, Roads, Fortifications, and the increase of the Me