1 BEMEDY EOB PANICS: AID IN THE EXCHANGES TO OUR FOREIGN MERCHANTS; A NET, 7 TRADE FOR MILLIONS, PROFITABLE WITHOUT RISK; CHEESF ENTIBE CII ' .:ND 0AiN N;.\ riH :r foe I OLE POUNDS or CANDLES [NT 11 ATHENS FOR 1843 .and 1845. Pl-TITI." to mr. HosorRji»r.B Coxvoxs, SICKED BY OUR la:,: lYuii 1 -o Mercham:, r iiC’Tjsiotal Mf.n,Traders, &c. ?ET!nc, i I’AT.UAJir.NT, SIGNED BY A MAGISTRATE. AND ISS iyor or AY!and lj .Meeciunts and Professional Men, a a It NATION IN T !1 T L , V - I Bu: rr ' T N TO LAND. •• OWE NO MAN ANY THING in: Currency Bill of and 1844 compels ai all Men to owe most Men something. BY EDMUND TAUNTON. Ah Old Foreign Merchant; f 1307. PRINTED FOH TIIE IAY BE HAD 0? HIM. relics tv/ o 18 43 . A REMEDY FOR PANICS, AND A NEW TRADE FOR MILLIONS. Englishmen, I beg leave to congratulate our Gracious Noble Queen, —the Nation,—Sir Robert Peel and Ministry, and Messrs. Cobden and Bright, on the present, national acknow¬ ledgment of sacred principle, — a,principle that has confessed that a sufficiency of food for the people is paramount to every other interest; audall thequibblersonthis subject may quibble till doomsday, until they can prove that potatoes are as safe a food to rely upon as corn: they only add to the renown of our Gracious and Glorious Queen, and prove that the Government have done their duty to the people, and that-the late Mr. Cobbett’s opinion of potatoes, was, on the whole, correct, and the nation is not to run the risk of revolution to enrich a few over-rich individuals. Upon principle also, a sufficiency of money must be pro¬ vided fur the nation, as it is unjust that 35 millions of gold should tyrannize over England and her Colonies, with a capital of ,£800,000,001),000. Eight Hundred Thousand Millions of property,—giving only £1. of gold for twenty- three thousands of property, and the twelfth part of a mite for one pound ol property. It is my belief that if Sir Robert had not been hampered by the currency bill of 1819, we should have had now a free trade in corn, but there was a deep pit before his eyes he could not avoid falling into; if there had been an immediate repeal, though I think there have been heavy balances due abroad to our merchants who havetaken the same in corn,consequently, who will not take our gold for it out of our country, which will ease the money markets somewhat. 4 Every experienced gardener that plucks the fruit of his trees, cultivates well the roots and branches. Our govern¬ ment takes from us in the general and local taxes, at least TO millions yearly. The government expects a regular pay¬ ment of their taxes—they pluck the fruits and should care for the roots. Therefore, in equity, the people have a right to expect a reguhrinternal circulation, upon which depends their powerof paying these taxes, and which,Sa.sen! upon our amount of taxes of £70 millions, would destroy the humbug excuse of more or less gold restricting and expanding 0 ur circulation at caprice. The tax gatherers take no such excuses for non¬ payment, neither should the people. Much gold or little gold, the taxes are paid; thcrefure, much gold or little gold, the people are entitled to their steady internal circulation of ^70. millions of a national paper. Again, £10. millions of taxes are paid yearly, and Sir Kobert Peel gives us £35. millions of gold to pay them and create it!!! If an account was kept of the exact quantity of gold, and paper, and silver, paid for the £iQ. millions of taxes, it would be a fair thermometer of the quantity of gold there is in the country, and this proportion would be a just basis for the legal tender; then if more gold than the legal tender was wanted to take out of the country, there would be an agio paid for it, which would help to keep ii at home, and which, I doubt not, Bankers would and should take advantage of. Query ? If I cannot obtain tlie legal tender on the sale of one hundred millions of property, why should it he enforced on a payment of £5,000. Beilect, Statesmen, on this incon¬ gruity. Mark the fatal effects it lias now upon the circula¬ tion, even for the £ 13. millions of Bail way deposits, under our ridiculous gold currency of £35. millions. It is paralyzing all our trades, proving that a free trade in corn without a free trade in coin, will not be effective; and in truth the legal tender is now a misnomer or a nou-cquitablo tender, but a just legal tender would be the proportion of coin and paper paid yearly for taxes. I protest that ample justice cannot he done to the laud and poor, or give full effect to the present abolition of the Corn Laws, without a due expansion of the currency. Sir Robert can never do justice to the memory of the kite Sir 5 Robert Peel, Bart, in this his eleventh hour, without altering the currency bill of lSllt. Be should not forget his predictions, they are now in full play, to England's injury. Ii' the govern¬ ment, as the last three mouths shew, hail not made the dividends payable quarter!/; instead oi half yearly, we could not have carried on till now,—it has been this extra activity in circu¬ lation shat has made up the defect of its scarcity. Sir Robert has mislahai the Bank of England's capital for England's capital!!! It is high time for the government to leave off taxing the people with over speculation, let them pull the beam out of their own eye, and give first a national circulation equal to their taxation; for of all the speculations of speculations, there never vras a speculation so gross as to attempt to rule eight hundred thousand millions with thirty-jive millions. To owe no man anything, we ought, in principle, to have as much coin as labour, so as to exchange one for the other ; but this is impossible. Therefore, we should come as near to it as possible, that labour and coin should ho equal. Nearly all the transactions of the farmer are carried on in coin, therefore, it is very unjust, unfair,and trickery, to make that coin artificially scarce and dear, as is now the case. Laud turns its capital but once a year,—it has only one Summer; traders turn theirs generally thrice,— Spring, Summer, and Winter. Traders can help themselves with hills to aid the currency, Farmers have not this facility; therefore, principle au.il justice requires an expansion, instead of a restriction of our metallic currency. I have nailed my flag to the mast head and I will continue to fight this doctrine, as long as i have health and strength, in every constitutional way in my power, malgrc whoever are my opponents, as it is based on irnth,princlpie, and figures ; and in following up this opinion, and in giving chase to the currency leviathan of Isli), 1 marched into the camp of his chief aide-de-camp, which I found so strangely arrangedthat I was induced to examine it. particularly, anu I found what I thought were very thick cheese parings, and very large candle ends;—and you will perceive, Englishmen, in the sequel, if my ideas were not, and are not well-founded, and that you and me, and all the nation, might as well have a nibble at these luxuries, as tc a 3 6 leave the rats to devour them without our knowledge, or even receiving their thanks,—and making us pay for them instead of receiving them, which tells double, as you know; for to pay iJyOOjOOO. instead of receiving £500,000. is just double the difference ; it makes one million loss! But to proceed,—Englishmen. Pray refer to the Gazette of 5th. July, 1817, and you will find that natives andforeign¬ ers mere authorised to send their silver to the mint to he coined, on paging 4s. per lb. frog for coinage, for all expences. On making application at the mint in November last, for this privilege, I found it was suspended, I therefore wrote to Sir Robert Peel, Bart, on the subject, and the following correspondence ensued:— “Birmingham, 24th. Nov. 1S-15. “ Right Honorable Baronet, “ In the Gazette of 5th. July, 1817, the privilege “ of sending silver to be coined at the Royal Mint, under “ payment of 4s. per lb. troy for all expences, was granted “ to natives and foreigners; on application lately, I ascertain “ that we are now deprived of this privilege. “ I therefore pray that it may be speedily restored to “ us, as I submit to your reflection that it would greatly “ increase your revenue, and replace the currency that is so “ rapidly leaving the kingdom, and keep up that level of “ internal circulation so needful to support our present trade *■' and prosperity. “ 1 am, Right Houorable Baronet, “ With every respect, “ EDMUND TAUNTON." “ To the Right Honorable Sir Robert Peel, Bart. §c. ing,as per Gazette of 5 th. JulyA 1817 .J Error as before shown, on statement No. 4 The amount coined of silver in 1S45, was .#704,677s. 6d. 46168,308 5 363,61610 14,820 19 0 O 4 Divided by 12 oz.)2,818,709. Gives 20)234,892,5s. ,#11,744,12s. 5d. 11,744 12 5 Double this for 2d. overcharged in coining 23,489 4 10 Making £554,905 11 7 IT And this is without the coinage of 1811, particulars of which I hare not yet been able to obtain, though I ^expect it daily if it lias been published. It may be said that the seignorage is carried to the public account , hut there is a considerable profit besides seignorage thal evidently goes to a private account, so that Sir Eobert's note is not sound, and I shew sufficient to prove that the system wants correcting and examination. But apart from all this, my system will double at least yearly, any profit the Government can shew,— and it will not prevent the Bank acting' also; but T protest as an individual against the Bank of England enjoying alone this monopoly ,— the privilege was given us in 18IT, and we ought to enjoy it now. As I before stated, the Government have outwitted themselves. Observe, they profess to have coined, from 1816 to 1810, inclusive.1,108,265,0s. 0d. 1843. 33.0,100.0.0. 1845 . T01,67T,O.O. if] 2,152,04S,0.0. Or about twelve millions of silver in thirty years. Can yon believe, Englishmen, seeing the quantity of silver that exists, that there are only twelve millions amongst twenty- eight millions of people ? I cannot. I should say there was at leas! double that quantity. V/here does it come from Private coinage to be sure, under a 1 5per cent, profit, and as good as ike mint can give us, so that monopoly has deprived them of at least S per cent, on 12 millions, or if9G,C00. Ninety-six thousand pounds,—a premium to the coiner ami smugg/t r, instead of permitting the honest industrious classes to use their precious metals as they please, under a tax oi'.'l.} per cent, by sending then’ silver to the mint to be coined for them. This would bring immense dormant wealth into activity-; it would give us an ample metallic circulation, and counteract the effects of our gold leaving us, It would greatly help our merchants in foreign exchanges, and, in a few years, would give us as ample a metallic currency as France lias, of efl50. millions, which would place us beyond the reach of haying our 18 internal circulation crippled by a lad harvest, for ten millions, and a remedy for panics in future. If France pays ten millions for a bad hardest, it only affects l:er circulation 74 per cent, on her metallic currency of if! 50. millions. If we pay ten millions for a bad harvest out of our gold currency of <£'35. millions, it affects ns 58 per cent, because clause II, in the New Banking- Act, orders that if ten mil¬ lions of gold leave the Bank, she must draw in ten millions of paper, making twenty millions in twelve months, or two hundred and forty milions in the year from our circulation, which immediately cripples all our commerce. If a man had studied to injure his country, he never could have provided a plan better calculated to effect it. He never could have devised a better plan to throw his country’s wealth into the hands of stock jobbers aud sharpers, under any humbug political reports, to affect the funds, and for adding affliction to affliction, contrary to every principle of Christianity aud humanity. Sir Robert linds it necessary to increase the food of the people, as a government act. How ran he be so blind as not to perceive tiiat, as a Government act, he must increase the coin and Government circulation for the nation. He calls in the aid of the people to produce more food. Then he must call in the aid of the people, to produce The declarations of the mint from 181G to this day,—say thirty years of experience,—proves that the Government cannot do it alone. This monopoly must cease nith the monopoly of corn, for the great benefit of the revenue, individuals, and future secu¬ rity to the nation Jrom panics. Ten millions for a bad harvest would then injure but little our internal circulation and trade, and we should be ready for any war, if we are compelled to fight. Only think of a Statesman appointing a thermometer to guide England's currency. But John Bull wants his break¬ fast, dinner, and supper after a hard day’s work, whether the wind blows north, or whether it blows south; he requires his meals just the same as the Government require their taxes. 19 The folly of the landlords is surprising. If there is hut little water iu a well, only little water cau be drawn from it; then if there is only little currency, they can have only their little portion of it. They think a duty on corn gives them a high price,— but the Government pockets the duty, the amount of which lessens the currency of their neighbours still more, who of course have so much less power to pay them a better price. Then what is the remedy ? Fill the currency well to the brim, and we can all draw freely; these wiseacres want higher prices, and they invite the Government to take that first which would give them their price. The papers repoit Sir Robert Peel to have stated, “ that “ England was a nation that must be governed by expediency and not by principle.” If he did say so, I think it is a most nncalled-lbr dangerous speech, and that it is only when we deviate from principle that difficulties occur, viz:— The Com Laws arc against all principle. * The present Currency Hill is against all principle. I appeal to all the merchants on the earth, if £35. millions of gold is sufficient to rule and protect £800,000. millions of property ? To treat Ireland different to England, after the union, is against all principle. And these are our three great national difficulties, and only by principle will they be surmounted. Thus I open to you a HEW TRADE, Englishmen and one without any Bisk, where you can turn your Capital every month, as the Mint declares the coinage averages only 30 days.—the Mint has 8 presses, each of which can coin 30 thousand pieces in ten hours, or 240 thousand per day. Any Merchant or Trader who will call, or wishes me to call, I will shew him or them the entire routine with pleasure, the value of Foreign coins so useful to our Foreign Merchants, who will then import silver as an article of trade as well as the other precious metals.—The present coinage of England is out of every due proportion to her population, and ought to be increased in justice to all, and the nation not to be left at the mercy of Stock Jobbing and speculation from a scarcity of coin, to owe'every man something that he may be preyed Cheap Mosey, Cheap Materials, and Cheap Food, Sir Robert quotes from the Manchester circular, anti if we have a free Trade in Corn we must have a free Trade in Coin, or he will ruin the Nation. The new Irish and Scotch Banking Bill, required about £5 millions more of gold to carry out Sir Robert's Act. What is the provision made for the extra call by the Mint this last year, 1S15, why J 16,929. 0. 0.!!! Look at No. 1. Mint returns uncoinccl, Copper at £224. per ton, which can be bought at about ; £112. so that every penny piece is worth less than a half-penny, and proving that we can as well have an internal circulation of Iron pieces, value of a mite for a penny, as have a penny piece worth a half-penny. I have applied to a Member of Parliament and he informs me, he will supply the mint with Copper at one half the price, or £112. per ton. 5 I have applied to a scccoml dealer, and he informs me he will supply the Mint with the best selected Copper, at £95. per ton. I have just now applied to a third parti; and he offers to supply the Mint with excellent Copper at £Dl. per ton. Englishmen ! what think you of the cheese parings and candl ' "—’ ’ I ited Sir Roberts rebuke of 4th. November, 1813—“ That he declines the oilers of your “ plan of Currency on any terms whatever.” ? IVas it not foil;; and shame to answer a matter without hearing it, and without examining it, if I had reason or not? I learn that an additional alloy of LV dwis. is now added to the lb. troy of Silver, increasing temptation. Wiiat iias become of sir Robert's reason, about private Individuals bringing Silver bullion to be coined be¬ cause there is a profit onsuch coinage? Is not the Bank of England composed of 26 private indivi¬ duals ? I ask the Privilege for the whole Nation, not for a few individuals. What becomes of his Reason, (“which coinage is carried to the public amount,”) when it can be clearly proved that much more ought to have been carried to the public account ? I will double at least yearly any sums he can shew have been carried, yearly to the public account, by my system. 21 Sir Robert professes to put down smuggling by reducing duties and creating cornsumption ; let him act upon the same plan now with the mint, for the benefit of the nation, The 3s. duty laid on the Canadian Frontiers should now cease, as corn is to be admitted duty free from all our other Colonies. Sixpence for the 41b. loaf suits the farmer and manufac¬ turer, and this cheap loaf, and cheap materials, and cheap money, will create greater coumphon, and greater consump¬ tion creates more labour. More labour raises prices ,— If two masters seek one labourer, prices rise. If tiro labourers seek one master, labour falls. Then it proves that it is not the sixpenny loaf alone that does the good, but the combination of the three ingredients of cheap bread, cheap materials, and cheap money. There is nothing undue in investing £500. millions in rail¬ roads, with England’s capital of <£800,000. millions, but it is niched, undue, and preposterous toregulate England’s capital with £35. millions of gold, and robbing the poor of the proper price of their labour.—Let the saddle be placed on the right horse, viz. the negligence and supineness of her Majesty’s ministers to the coinage of the country,—(to say the least of it.) The coinage of only ,£16,924. 0. 0. of gold for last year is a disgrace to England, particularly after creating the extra call of five millions for the banks of Ireland and Scotland by their new banking bills for their countries, and is one sure prognostic of a bad year’s trade, as it helps so little to keep up the internal circulation of the nation, and cannot fill the gap. The late had harvest has made, and will make, and will tell, sad tales under our restricted circulation. An honourable member of the Commons, James Morrison, Esq., has published a work on limiting the profits OF Railways, in order to hinder their demand for capital. Now I pronounce this gentlemen either to be a Bullionist who wants every thing to bon to his gold, —or that he has mistaken effects for causes, and is dressing a giant in child’s clothes,—putting the cart before the horse. Let him provide the nation with a just circulating medium in proportion to the capital of the kingdom, and he will have 22 no ground to complain of railways absorbing too much capital. Let him limit first the profits and power of gold. Let him limit the profits of the Stock jobber in the funds, and this remedy will cause the other to disappear. Go to the fountain head James Morrison, Esq., M.P. Why should 35 millions of gold rule England’s capital of <#800,000 millions again this gold Idol, the bane of England !! 1 Sir.Kobert is highly praised for the act compelling bank¬ ers to publish the names yearlj-, of their partners, that the public might know and judge ot them.—I perfectly agree in the meed due to him.—Now look on the other side. Suppose a banker becomes richer yearly, he must not issue more paper, —unless he can procure gold—and where is the gold to come from, seeing that for the 5 millions extra demand created last year by Sir Robert’s new act for Ireland and Scotland— Sir Robert could only produce #lG,92(i 0. 0.1! 1 How ridiculous 1 oh 1 oh ! this golden idol again cramps all England's energies. There is another subject, Englishmen, that all reflecting men should meditate upon, viz. the assasinatious in Ireland. Our government seems to think they can supply them with penal laws alone, they have never dune so yet, and I think they never will, because they have no hold on the moral laws and feelings of the people. I have long been resident in Catholic countries, and I am convinced an idea generally prevails, that confession greatly modifies the stigma and crime of murder. I suspect the same idea exists in Ireland. If so, what huld has the penal law ? The people are under a dread of assassination. They are united.—They do not respect the government; They are driven to “ desperation’’ on being ejected from their lands, which, in eighty cases out of a hundred, is the cause of the murder. They prefer being hung to being starved. Then it is a social evil,— and a social remedy must be pro¬ vided at the same time with penal thunder. Therefore pray let the Government rent waste lands in each county in Ireland, and issue a Proclamation throughout 23 the land that any one ejected may have waste lands to culti¬ vate, with cottage and aid, under such a gradual re payment as would re-pay the government expenses; then they would soon gain the hearts of these warm-hearted oppressed subjects of Great Britain. The land might be rented at 2s. or 2s.6d. per acre, and each Priest appointed to the spot should have his allotment from the government. The operations of the mint should be published monthly, in the Gazette,—that our merchants might know the increase as well as decrease, to guide them. The coinage in the year 1845, of JIG,929. 0.0. of gold—of JG4T,65S.'0.0. of silver, and of Jti,94-1. of copper, is perfectly ridiculous, for such a nation as ours, and under the increased demand lor gold by the Scotch and Irish Banks of Five Millions. What can Sir Hubert be thinking about? Wiiat contradiction ? —What inconsistency P Tins Statesman creates in ONE tear an extra demand for Fire Millions 410 10 7 £228,443 4 3 87,409 7 8 19,324 1 7 22,529 15 4 ~’l75 - - 90,370 - - 1,100 0 0 7,773 19 4 15,282 7 10 No. 3.—AN ACCOUNT of Gold, Silver, and Cofpek Monies Coined. Date. Gold. Silver. Copper. 1845 : January ... Ma™h ly ... April ... May July .. August ... September... October... November ... December 2,559 0. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 £, s. d. 29,304 0 0 30,492 0 0 23,562 0 0 12,474 0 0 48,332 0 0 139,392 0 0 78,626 0 0 104,940. 0 0 £. s. d. 2.240 0 0 1,344 0 0 1,120 0 0 1,344 0 0 896 0 0 ...14,370 14 1 92,070 0 0 £16,929 14 1 6,944 0 0 No. S—1845. Purchase of Silver Bullion and Dollars, and the Seignorage. DENOMINATION, and from whom Purchased. i, Bank of 59 i Dm. value] -Ingots, England Worn sliillii Ditto sixpon .. - Ingots, comint. dollars. 1 Worn shillings, Bank uom. value Ditto si: Dollars. Ingots . Dollars. :::::::::::::: Ditto. Ditto. Ditto. Ditto..... Ditto 3“ ! : Ingots . Ditto. Dollars. Ingots . Ditto. Ditto. Dollars. Ditto. Ingots . Dollars. Ingots . Ditto..>.. Dollars. Ingots . Ditto. Dollars'. Ingots'. Dollars. 51 i 50 ,' f 3,000 9,503 ■25,211-2 1 12,105 1 40,313 1 9,503 9,344 40,097 50,354 9,025 19,291 1 3,850 7.300 l',600 5.7G3 102189 1 Payment to Paymaster-general and Mr.) Barnard, for Bullion left unpaid in 1844 j 408 14 li 5,000 - ~j 5,000 - -! 1,843 12 loj 1 7 ll! 28,329 8 3 J'... 13,012 17 S>j... 45,004 1 3:‘,.„ 6G,G05 14 -J 1 ... 5G,092 10 4J 1 ... .11,090 4 3.1 111 4,802 24,010 24,252 14,437 1 20,784 i 2,600 li 4,843 li 30,330 ! 34,014 - 38,750 - 5,905 ; I4G 14 |4,090 9 118 II; ’,080 14 -'.■11? ’’Il2 12 81 ll| . 11.' 10 -| 1G,073 19 1 22,804 10 2,919 7 5,359 15 30,099 4 42’,8G4 12 7,091 5 28,122 7 ■ ,774,350 13 1 By loss on! silver-stopped > 1*2,81G 13 18 1 ill J |l,G3G 9 Ilf. Hi 12,020 2 1^91" 258 11 101 Sj 510 - il 10? 3,3 G8 15 3,055 10 4'j; 4,114 12 !•; HF