AGREEMENT OF 1797 , 
 
 pm THE NATION ABOVE £200.000,000 
 
 A JUST REMEDY gOIi OUB NATIONAL DISTRESS, 
 
 ovcry of the past, Protection of the present, Gvnrantee for the future, 
 
 EDMUND TAUNTON, 
 
 A ftlnncheriici' VIan of IS02, 
 
 A Foreign Morclmnt of 2S07, 
 
 An Anient Lovir of Old I£nglnml« 
 
 Frederick Price, Printer, 27, Church Street, 
 
 FlUCE/J^KKE-FENCE, . ^ 
 
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 ' „y / * Zy — • ' Birmingham, *. 
 
 f December 9th, 1847. \, ,\ 
 
 EK ° U,fiMEN ’ X play y „u to peruse the Mowing letters'^ * ' 
 
 Lold John Bussell and Sir Bobert Peel; they will prove to yoo^ ^ 
 arv it is that our currency laws should be revised, how you > \ 
 
 "o^edand duped, and how impossible it will be for us ^ 
 
 with Foreign Nations, under a free-trade, (with a w rong ^ ^ 
 
 :Z of value of 6 per cent.), without a free-trade also in Coin by^ * 
 ening ihe Mint to the People, that they may guard themselves from 
 e negkctof ministers incoming, and monopoly of coin: tj' j-hp 
 
 ahe legal payments, and therefore, PeeVs gross errors m our sta da d 
 value for 28 years, amounting to above £2r0 millions, should be N ... _^ 
 llinni ,l!v compensated, which would instantly relieve our wants ; « _ 
 
 , niK Right Hon. Sin Roonnr Peri., Raht.. a v.. i.vtn tuimb ^ ^ 
 
 Minister OP Great Britain. ^ 
 
 Honouhabi-e Baronet,— 1 confirm my respects to you on Ufa of ^ - 
 
 of the 7th of May, 1844, has published the following as^v! ^ 
 
 ,a,t of your speech on the Bank Charter;- h 
 
 "The only meaning of ann ounce of gold for I. ‘s. is ^ 
 
 ,imply that it isTheTeiationTthatsilver bears to gold in respect . 
 
 ^ and you refer”«of B^h.t ^ M , 
 
 Sir Robert, l beg leave tu deny that our ounce o go .a , '-O^j * 
 
 is in relation to Elizabeth’s silver at 5s. 2d. per ounce, and to dechue\i 
 vour assumption is erroneous and unfounded, and that you b ne misled f ^ 
 
 the nation. Annexed is'a table, with the relative value of gold to -. • 
 silver, proving yon are wrong, and that the relation of sihei at os. (• ^ 
 
 ce, ounce, is to gold 41. 2s. 8d. per ounce; so that you have tbrom 
 
 dh <U*r,Z^~ 
 
away 4s. 94d., on every ounce of gold that has been exported since 
 1819. And you have made the public debtor pay the public creditor 
 some six percent, more than agreed upon in 1797. It is not likely 
 our foreign merchants can suffer this loss any lunger, or that the public 
 debtor will continue to submit to this extortion looter. flu error of 
 addition would be rectified, therefore an error in calculation should be 
 rectified. This being the foundation stone of your usurious currency 
 laws, we may judge of their soundness from such a rotten foundation. 
 
 I believe it to be impossible to find any set of laws so devoid of 
 principle from the first clause to the last. 
 
 The Times of the 2<'th inst., tells us “ the nation will continue to 
 pay what it has promised to pay.” But, Sir Iv hert, that is no reason 
 why we should continue to pay six per cent, more than we ever 
 agreed to pay in 1797. Consequently, from 1819, in equal justice, 
 this must be repaid to the public debtor We are to be no looqe.- so 
 foolish, as to give our gold away to the foreigner six per cent, below 
 value, and it must be valued at 4 1 2s. Sd., per ounce, henceforth. 
 
 Sir Rt faert, you ha e sunk the ualiuu mi lions upon millions uuder 
 tins error, and as Mr. Virgo warned you of your error, on the 1 7th of 
 May, 1844, and you paid no alteution to him, you should ha made to 
 pay the loss from that day. 
 
 I am, honourable Baronet, 
 
 With detestation of you u-urimis wicked currency laws, 
 
 Tour obedient sincere Servant, 
 
 EDMUND TAUNTON, 
 
 An old Foreign Merchant of 1807. 
 
 Birmingham, Nov. 22nd. 1S47. 
 
 P.S. The present error proves how unfit our present Chancellor 
 of the Exchequer is for his post, as he has not detected it during his 
 16 months of office. I denounce that minister as a traitor to his 
 country, who, after the experience we have had, should again base 
 England’s internal circulation upon gold. Let all the gold and silver 
 wecaa obtain, be brought in as auxiliaries, but they must not be the 
 basis; the basis most be England’s internal wealth. 
 
 E. T. 
 
6 
 
 Mo;t Noble Loed John Russell, Prime Minister of 
 Great Britain. 
 
 Nosle Lord, —I had the honour of addressing you ou the 21th 
 and 25:h of November, 1S47, enclosing you my table of the relation of 
 gold to silver, confuting Sir Robert Peels assertion, that os. 2d. per 
 ounce in silverof Elizabeth, was in relation to our gold at 3/ 17s. lOJd. 
 per ounce, and pioving that the relation was 4f. 2s. Bd., malting a 
 difference of 4s. 9id. on every ounce of gold, or Is. 2|d. on every 
 sovereign. If I am wrong, noble lord, point out the error ; if I am 
 right, correct this fatal national sink of ruin. 
 
 I also informed you that I had something of great national import¬ 
 ance to relate to y uu , fjr which I requested a receipt; but that if you 
 did not think proper to reply before all X .vernier, that I should reserve 
 to myself the liberty of adopting Borne other measure for its pub ic .1 y. 
 Not having been honoured with your reply, I shall now submit it to 
 the uat.on’s judgment and the nation's gratitude, as a great national 
 benefit to relieve us immediately from our distress. 
 
 I first invoke your oath to our gracious benevolent Queen, as Privy 
 Oouccellor—"That you would advise for the good of the public 
 without part'ality, through affection, love, need, doubt, or dread, to 
 avoid corruption." 
 
 Every nation, my lord, has a right to form its own internal 
 
 1 here has been a great error in our standard of value since IS19, 
 which has cost the nation upwards of 200 millions of pounds; this 
 amount it will be impossible to recover from the different individuals, 
 but 1 will show herewith, how this can legally, justly, and easily he 
 na ionaily compensated. In the same course of 28 years that has 
 
 passed we can re-gain it. 
 
 We have been wronged on each ounce of gold 4s. 9 jd., or on each 
 sovereign, H 2|d. The great difficulty in altering our currency, is 
 to keep faith with the public creditor, and defend the engagements to 
 the w;d-.w, orphan, and helpless. 
 
 The first, I can fully keep, hereby. 
 
 The contracts of the widows, orphans, 8rc., must be paid in the 
 money contracted fur; the new law is only for future acts. No lou er 
 
father Sir Kobert Peel’s usurious, wicked, and idolatrous gold currency 
 bill, drawing all tb <dium of the nation on your head, instead of to 
 whom it appertains. 
 
 Our sovereign of 20s by value, is . . . £1 1 2| 
 
 As for 28 years we have passed it ^ Is. 2fd. below 
 value, for 2S years we must add to it . .01 2§ 
 
 And for interest . . . . .00?! 
 
 Making . .£130 
 
 (tail in every sovereign. Stamp each sovereign 23s.. as a token of 
 gold, arid our sovereign remains as our standard of value, l/. Is. 2|d., 
 and passes current as a token for 23s. 
 
 Let all our bank notes be equally raised. This will place our gold 
 tokens, silver tokens, paper, all upon a par nearly, and as gold will be 
 above the standard value, as a token, we shall more easily keep it. 
 
 These gold and silver tokens must he made a legal tender with our 
 Bank paper. 
 
 Every sovereign not stamped will only pass for its present value. 
 
 Our standard of value must be declared to be what it justly is, 
 4b 2s. Sd. per ounce of gold, in relation to silver at 5s. 2d. per onuce. 
 
 What waat of faith to the national creditor will this be ? None! 
 For 28 years we have over paid him, and for 28 years we have a right 
 to compensate. 
 
 What is principle for the debtor is principle for the creditor, and 
 vice versa. Errors do not make legal payments, this would make the 
 absentee pay taxes. This would add £14 millions of silver to our 
 legal currency. 
 
 What effect will this have ? Examine and prove. We have about 
 42,000 000b of gold; the Bank has 22,000,0001. of paper, say 
 64,000,000b, which at 3s. each results about 9,500,000b, and my 
 country is reinstated in her position of January, 1846, and all our 
 manufactures and railroad - set in full work again. 
 
 This will give a protection to our land, our trades, and our labour 
 of 15 per cent.; with this protection, and a free trade in coin, we can. 
 hold competition with foreigners. 
 
Lord John Russell, never spurn information again; a beggar could 
 give yon knowledge. Had not Sir Robert Peel spurned information, 
 he would not have been in the ridiculous position be is in now, in the 
 eye3 of all the nation; had he continued to employ old pilot Principle 
 instead of that fickle pilot Expediency, the nation never would have 
 been so cruelly and capriciously sacrificed. What became of his 
 solemn oath when he took office, to act impartially ? Did he consider 
 it as wind—as a pie-crust only made to be broken. Noble lord, beware 
 of following his steps to tarnish yonr character; stick to your oath and 
 principle; would you like to be considered a traitor to your countrymen, 
 ana your heart impervious to their sufferings, guided by idolSJrous 
 caprice ? If not, noble lord, you must not again build England's 
 internal circulation on gold; for our internal circulation should be 
 regular and constant, free from foreign pressure, ample and secure. 
 
 1st—Sold can never give you these principles ; yon cannot keep 
 it under want or famine, and when you most want it it vanishes. 
 
 2nd.—Von cannot give us a gold circulation without breaking your 
 oath of impartiality, for it gives a few over-rich men the power to 
 contract our small quantity of gold, and thus affect the value of the 
 property of her Majesty 's subjects. These men can make it artificially 
 scarce and dear, and, as it becomes dear, everything else sinks in value 
 as gold rises in value. Is this impartiality, noble lord ? 
 
 3rd.—This 13 not all, noble brd: you rob and oppress the poor 
 man, and cheat him of his labour; and you must place the poor man 
 in bis former position, that his daily labour should give him his daily 
 bread. This is only to be accomplished, by making value and price 
 the same thing; and this can only be effected, by giving the same 
 
 proportion of money per head as existed when Queen Elzabeth’s 
 which you have adopted, was adopted; and which, with our puny 
 insignificant quantity of gold, in proportion to our population, can 
 never give. But England’s capital can give it, therefore our internal 
 circulation must be built on England’s internal wealth, which will 
 no: Taoism Gold and silver should he ruled by it in the largest 
 proportions we can obtain; but these metals are not to command our 
 national paper, which must he given in proportion to our population, 
 •ants, and trade. 
 
9 
 
 Traitors, war, or famine, or Jews that would sell the nation for half 
 per cent, on our Stock Exchange, will not take our paper away, and 
 we shall have a regular steady trade. 
 
 This address being already long, I have only at the moment, noble 
 lord, to call your attention further to our irresponsible mint, as it 
 never seems to have attracted yonr attention. 
 
 I declare myself to he, most noble lord, 
 
 Your respectful', devoted, sincere old servant, 
 
 EDMUND TAUNTON, 
 
 , A Manchester Man of 1802, 
 
 An Old Foreign Merchant of 1807, 
 An Ardent Lover of Old England. 
 
 To the Right Hon, Sut Robert Peel, Baht., M.P. 
 
 Biumingham, 
 
 December 8th, 1817, 
 
 Sin Robbkt, in continuance of my respects of Gth and 7th i'-st., 
 in the Standard, relative to yonr speech of the 3rd of December, as 
 reported by the Times of 4th December, IS47, you tell us that 
 Mr. Huskisson in 1822, made a motion, and the house resolved, thus s 
 " That this house will not consent to make any alteration in the 
 standard coin of the realm." 
 
 And in 1837, on the motion of Lord Althorp, "the house 
 re-affirmed that resolution." Now, before this pari of your speech 
 we have this declaration from you. In these words :—" Now as I said 
 kjore, and as 1 still think, that the restoration of the ANCIENT 
 STANDARD of value, and the abolition of those evils were a wise 
 measure." Hear, hear! Sir Robert you have put your foot in your 
 own trap here—you have been napping. 1 challenge you to prove to 
 the Honourable Commons, that our Present Standard of Value, is the 
 Ancient Standard of Value. It is no such thing; you have misled the 
 
 The AncientStandard before the restriction Act, was 116125,10,000 
 grains of gold to the pound sterling. The Present Standard of Value 
 is 123 214,200,000. Dr. Johnson states value and price are the same 
 thing. Why have you altered it? So that you have erred on each 
 
10 
 
 pound 6 per can!., and have wasted of the national property, nptrards 
 of £200 millions, in 23 yearn.- * 
 
 I observe yon have teen very facetious with the honourable 
 member Crq chart, about a fluctuating standard with convertible paper. 
 
 A laugh,—Int the Almighty will not laugh at this secret wickedness. 
 Rather, rather laugh, Englishmen, at Sir Robert’s fixed price of gold, 
 without a fixed value, or cry for shame: a fixed price of gold means, 
 that the Gold Monger 'cannot lose by it, but can gain by it; it cannot 
 go lower, but can go higher, by their manoeuvres of contraction 
 
 It is like two parties playing dice together, one has loaded them 
 and knows the effect of it, the other has not, and supposes fair play, 
 but is sure to be beaten. 
 
 There seems to be some contradiction in terms, you say. So say 1. 
 
 I say that price and value ought to be, and were originally the same 
 thing; but your vicious alteration of the proportions of currency, has 
 altered the value, whereas, you hold the price a contradiction of 
 
 Now. the honourable membetUrq chart gives his definite quality 
 of gold, that definite quantity is known, which he submits to market 
 or estrange price, in justice and equity, (for you have not kept up the 
 proportions.) Then it is a perfect maggot and caprice of your own 
 disordered brain; that wne i the definite quantity of gold yon state is 
 te-dered in payment, that paper should lose 400 or 500 per cent. 
 
 Sir Robert, is there no room in St. Luke’s for you? Why it is only 
 a pplying the system of ibreign -xchange to onr infernal trade, to snatch 
 the poor .Man’s labour from your gripe. “You implore the house to 
 uphold the standard.” What standard Sir Robert? This is the 
 ‘‘characteristic clearness ” the Times praised so much in his paper of 
 December 4tb, 1847. Characteristic clearness. Sir Robert, you have 
 ltd the house too long already. 1 will leave no constitutional step 
 unturned, to expose your foolish, usurious, wicked, idolatrous, non¬ 
 commercial, unconstitutional, unsteady, non-protective, ruinous 
 currency laws. 
 
 / Sir Robert, yon quote standard of value 14 times in y our speech, 
 
 / but you carefully avo id telling ns what it is, or how many grains of J 
 J gold your pound contains,—characteristic clearnets Mr, Times. 
 
//? t y/ L. i r, f A. A 
 
 ««/** 
 
 <{-JL (fte-st- ^ ? *" A z 1 uJ^ A/<z- 
 
 i L, //.'L ^ # (A'A'Aj t~£ 3 p^ ' 
 
 'X"' ^ T&crificb to my GofW Moloch-. 
 
 ’ Sir Robert,—let us see what this experiment of yours has cost the- 
 nation, 
 
 Funds fallen 20 per cent, on £800 millions . . £ 160. 
 
 One Hundred and Fifty Merchants sacrificed tol „ 
 
 Moloch Gold. f M 
 
 One Million, Five Hundred Thousand of Labourers'! 
 thrown out of employment, miserable and starving, > 
 price not known . . . . . J 
 
 Revenue Sunk ..... 10 
 
 Nation’s capital of £6800 millions at 20 per cent. . 1360- 
 
 Contra Cr. . 1550 
 
 Fifty Gold Mongers’ gain, £500,000 each . . 25 
 
 Loss certain, not including the Labourers . , £ 1525 
 
 I wish you joy, Sir Robert, of your costly sacrifice. 
 
 Punch a short time since, exhibited you as holding a light to Lord 
 John Russell in a fog. Now, in commiseration of your waut of light, 
 and thinking as you do, that a steady convertible paper is right and 
 proper, and for which reason I have been striving for three years to 
 open the Mint to the people, that they might provide themselves with 
 coin under your marked neglect of coinage in 1844 and 1845. 
 
 I bring you a light to shew you the door where old pilot Principle 
 lives, and you will find him in the same quarter as Mr. Bankruptcy 
 law—in the room called justice and equity of payment. This gentle¬ 
 man, doubtless, will aBk you if it is just, that when you hold £10,000 
 of coin and are in debt £20,000 of paper, you should pay the first 
 comers with paper their full value in coin and Leave none for the las t; 
 and whether this is not giving a preference and a criminal act of bank¬ 
 ruptcy you force upon the Bank, especially as you do not permit 
 her to use silver to fill up the deficiency. I assert, Sir Robert, that 
 the first note that is presented, has only a riyht to its proportion- of 
 yoId that exists, and that this plan Would save the nation with silver*/-/ fapj 
 The Marquis of Lansdowne has been pleased to tell us, that such. f L fo- 
 
distress might cot happen again for 2u years./But why should it 
 happen at all, as it can be prevented ? ) * 
 
 But I beg leave to tell him, that it may happen again in 20 month*, 
 for I predict, predict, predict, foresee, foresee, foresee, and warn, that 
 our first continental war will assuredly produce it, undei onr present 
 cuirency laws; for the gold will again leave us, and we shall be 
 without a sufficient iaternal circulation. Therefore none but traitors 
 would continue the present system of building on gold; we must Inti'd 
 
 on England’s internal wealth that no war or famine can deprive us of, 
 and mate gold and silver the second cause, instead of the first, the 
 servants instead of our masters. National paper, built on landed 
 security, must be our genera!; Gold. our colonels; Silver, our majors; 
 and Copper, oor captains. 
 
 Sir Robert confesses in his speech, of 3rd December last, that 
 Lord Liverpool gives a very small basis foran immense superstructure. 
 
 Wh at a woudepiuljtatesnran, to find this gross defect our, afterv28 
 year* drilling, t j. t p . si /tint fj T 
 
 Under our present ridiculous currency, a shilling lhat leaves us, 
 is sold abroad for 9d., it comes back to England and takes a shillings 
 worth of gold, and gains 6 per cent, also on that gold, or, about 20 per 
 
 I declare, that any man, who henceforth, bases England’s internal 
 circulation on any Foreign Support, is a traitort > h is country; collect 
 ill the gold and silver we can as servants to our national paper; but 
 England s security, is above al other security, for it is certain. 
 
 I am, Englishmeu, 
 
 Your sincere Friend and well-wisher, 
 
 EDMUND TAUNION, 
 
 A Manchester Man of 1802, 
 
 A Foreign Merchant of 1S07, 
 
 An Ardent Lover of Old England. 
 
 Birmingham,