•^«an^«r^.; 
 
 
 '^
 
 THE UNIVERSITY 
 OF ILLINOIS 
 LIBRARY
 
 / 
 
 i-. 
 
 ON THE CURRENCY. 
 
 [Extract of a Lcttc?\ addressed to the Editor of 
 The Farmers' Journal, and inserted in that 
 Paper on the I2th of June, 1820, containing a 
 short Definition of the above Subject, and xvherein 
 this Question, it is presumed', is much simplified 
 and rendered intelligible.'] 
 
 SIR, Herts, June 1, 1820. 
 
 J 1 IS Majesty's) Ministers, it appears, are in no way disposed 
 to countenance or support any alteration in the laws respecting 
 either Currency or Corn : they have not yet sufficiently tried 
 their exjjcriments upon the country : they cannot so soon 
 " retrace their steps." A Committee on the Corn Laws, 
 however, has been obtained; but as Lord Castlcreagh has 
 admitted that his gentlemen had received permission to retire, 
 a futiu-e division mnij give a different result ; and we may be 
 doomed to endure the evils (if we can) with which we are 
 oppressed, until an accumulation of distress and affliction shall 
 have taught these experimentalists the errors of their present 
 system. 
 
 The state of our Currency, however, I consider to be a 
 matter of the greatest importance. In niy letter to Mr. 11.
 
 Campbell, of the S^3rcl December last (hi your Journal of 31st 
 January), I observed, that " a large debt and revenue 
 necessarily require a large circulac'mg medium proportionate 
 thereto^ as a great amount of taxcs^ drawn from a diminished 
 and insufficient circulation, would he most seriously and 
 grievously felt hy the country ; and tliat a large circidation 
 and revenue necessarily create and require a high price in , 
 every article whatever.'''' These, Mr. Editor, have been briefly 
 my sentiments upon this subject ; but I have hitherto forborne 
 to say more upon it (particularly as it has since been so ably 
 taken up by Mr, Attwood), as it is a question I consider rather 
 out of the province of the agriculturists alone to discuss : they 
 are, I conceive, deeply interested in it, but not exclusively 
 so ; nor would it become them exclusively to interfere ; nor 
 politic in them to divide their efforts, by increasing the objects 
 of their pursuit : yet, Sir, as the amendment of our Currency 
 is a matter of the utmost importance, I quite accord with your 
 very respectable correspondent Beds, and see no reason why we 
 should not "^o hand in hand,''"' for its attainment. 
 
 Under this impression, I beg leave to offer a few remarks 
 on the subject of Currency : but, Sir, it would ill become me to 
 attempt entering widely upon this question, after the enlarged 
 and enlightened views Mr. Attwood has taken of the subject; 
 I shall, therefore, confine myself to the minor operations of 
 our Currency merely, and the exchanges and transfers of 
 property among individuals, without trespassing on the large 
 and extensive field of inquiry which Mr. Attwood has so ably 
 occupied in your columns. 
 
 The point to which I shall first beg to bring your attention 
 is, the necessity of a circulating medium proportionate to the 
 taxation of the country, as deducible from the most common 
 every-day transactions among the people. It will be readily 
 seen that part of the price of every thing, malt, sugar, spirits, 
 &c., and even labour itself, is composed of the taxes of the 
 country. In effecting the changes of property, therefore, the
 
 amount of taxes will necessarily accompany them through 
 every transfer tliat takes place : they constitute a part of the 
 price, directly or indirectly, of every thing which is bought 
 and sold; and that tax is, of course, paid and repaid by 
 every person, in the course of their dealings of every descrip- 
 tion. If a quarter of malt, for instance, is made, and the 
 tax paid upon it by the matlster Is 253., and he sells the malt 
 to a factor for 75s., he receives 50s. for the malt and 25s. for 
 the taxes he has paid : the factor receives the 25s. as well as 
 the 50s. again from the brewer ; the brewer receives it again from 
 the publican ; the publican from the consumer ; and the con- 
 sumer, in some way or other, from his customer (the public) ; 
 for it must first come to him, or he could not purchase, could 
 not consume. Thus every tax is paid and re-paid, over and 
 over, through an endless variety, from one to another; and 
 as taxes are increased, the circulating medium requires a cor" 
 responding enlargement to effect the necessary transfers and 
 exchanges of property, with the taxes upon them, alternately 
 from each individual in the kingdom, to the other. 
 
 To explain simply and clearly the evil effects of reducing 
 the circulating medium, I will merely sicppose the currency of 
 every description in the country, viz. Bank of England notes, 
 (Country Bank notes, bills, &c. to be in total amount 75 
 millions: I will further suppose, that all the varieties of 
 transferable property were, for a moment^ condensed into one 
 article for transfer or sale, it would exchange of course for 
 75 millions ; but if the circulation was reduced to 50 millions 
 onlij^ the same condensed transferable property could exchange 
 for 50 millions and no more. So, with every article of pro- 
 perty which shall constitute a portion of the great mass, will 
 its price be regulated by the proportion it bears to the whole 
 and to the circulating medium. If the price of such article 
 shall be 75s. when the currency is 75 millions in amount, so 
 will the price be 50b. only, when the circulallou is reduced to 
 50 millions.
 
 The evil effect of such reduction I will further exemplify, 
 by supposing the price of the article or commodity in question 
 as before, 75s., including 25s. for the tax thereon, the cost 
 price of such article Uself being as before said 50s. : hence, 
 from any reduction of the currency of the country, suppose 
 one third, such article will be reduced in the same proportion, 
 viz. one third; that is, from 75s. to 50s. Now, as 25s. of 
 the same constitutes the tax thereon, there is only 25*. remain- 
 ing as constitutive the price of the article itself. Hence, by 
 reducing the currency one third, taxation remaining the same, 
 the value of all articles taxed one third will be reduced in 
 price ONE HALF: instead of 50s. we obtained for the 
 article before, zoe now, with a reduced currency, obtain only 
 25s. Jbr the same. Under such circumstances, can industry 
 meet "its due reward?" Can the costjof production be 
 repaid.'' And if they cannot, can it be wondered that so 
 many labourers and artisans are out of employ; that all 
 energy is lost ; that industry is paralized .'* Thus, Sir, a 
 reduction of our currency, without a proportionate reduction 
 of taxation, is a grievous, and, I may say, intolerable 
 oppression : a grievance that seriously affects every class ; and 
 if it cannot be supported (which, in my humble opinion, it 
 cannot), it must finally subvert all the established relations of 
 society ! These are important considerations for every one, 
 and cannot surely be overlooked by the Legislature of tlic 
 country. 
 
 But, Sir, we are here travelling from the point from which 
 we set out ; but, with your leave, we will turn about, and 
 take another view of this subject from a different position. 
 Mr. Chambers observes, that " the extensive operations of a 
 single Bank note, as supporting credit, explain what has been 
 an enigma to many, who, widiout such explanation, could 
 never form a conception as to what was the cause of a daily 
 or weekly plenty or scarcity of money."" And he further 
 illustrates this subject by shewing how many payments are
 
 frcquently made by a blngle Bank note. He says,—" It may 
 be here necessary to give those unacquainted with money 
 transactions some idea of the extent of credit which the issuing 
 of one Bank note upon discount establishes. To say that a 
 note so issued upon a bill of usance, or sixty days for .=^1000, 
 forms a credit equal to sixty times its amount, would be 
 narrowing its sphere of action ; it possibly may reach three 
 hundred times its value; that is, supposing it to pass into 
 five hands in tlie course of each day (for a Bank note is 
 transferred from hand to hand with the velocity not generally 
 comprehended), it pays at least one bill due each succeeding 
 day, which, at the usance, would alone extend the credit 
 afforded to sixty times its amount; for when once a bill is 
 paid, a fresh one is given for a similar period, and thus the 
 credit is generated." But, Sir, without going the length of 
 Mr. Chambers, as to what may take place in course of the 
 busy transactions of the metropolis, we will suppose a TEN 
 pound note (a sum more within the comprehension of farmres 
 in these times), instead of passing from hand to hand five 
 times a day, or thirty times a week, was to pass in payment 
 only once a week, it would effect upwards of 50 payments, or 
 discharge obligations to the amount of .£'500 a year, ^ow. 
 Sir, as the Bank issues were at one period (if my recollection 
 serves me correctly) about 33,000,000, and are now reduced 
 to 22,000,000, or perhaps less, there are 11,000,000 less of 
 the legal tenders now in circulation than at the former period : 
 but supposing the diminution ten millions only, instead of 
 eleven millions; and as the same argument applies to ten 
 millions as to tkn pounds, it is easy to perceive (if the first 
 position be right) that ten millions of currency would have 
 made payments, or discharged obligations, to the amount of 
 500 millions in one year, had not such facility been withdrawn: 
 and how mucli greater will this defalcation appear wlicn it is 
 considered that a similar diminution of hills and country bank 
 paper has taken place, as of the legal tenders, tlie basis on
 
 which they rest. Can it be wondered, then, that stock rs 
 lying dead ? that commerce and manufactures are languish- 
 ing and inactive ? that agriculture is oppressed ? Surely not : 
 the cause is too obvious to be doubted. Thus, Sir, if our 
 circulating medium were reduced to one million^ this must be 
 so divided and subdivided as to answer all the purposes the 
 22 millions now do, of effecting the same transfers of pro^ 
 perty from one to another as at present, and the price, or 
 nominal value, of all property must be 22 times less than it 
 is now; that is, one shilling would then go as far as 22s. 
 now: and wheat, consequently, instead of being 9s. would 
 be little more than 4^d. per bushel. It need not be mentioned 
 that in such a state of our currency, we could not support 
 our present taxation, or pay the same rents ; and it will be 
 obvious that a reduction of currency, from 30 to 20 millions, 
 has a tendency to the same state of things ; and that without a 
 reduction of taxation, rents, and all fixed payments in 
 proportion^ it will be evident such demands cannot long be an- 
 swered ; that these " monied obligations'''' will cease to be paid. 
 This, Sir, appears to me the situation in which those who 
 guide our affairs have placed the country : they have laid the 
 axe to the root of our prosperity ; they are sapping the very 
 foundation of public credit, that stupendous monument of 
 national faith, which has been raised to a towering height 
 unparalleled in any age ; which has been reared by time, and 
 cemented by confidence ; which has withstood the conflicts of 
 parties, and of armies, and of all the storms of war ; which 
 has attracted the attention, and drawn upon it the admiration 
 of surrounding nations ; and has stood aloof and inaccessible, 
 the wonder of the world ! This stupendous and imposing 
 structure the arbiters of our fate have now attacked ; already 
 have they torn and severed from it the chief abutment, the 
 main and only buttress Avhich can support it : it is tottering to 
 its foundation, and still they load it on the top, as if to 
 accelerate its fall: it must fall, and the crash of millions will
 
 7 
 
 add to tlie terrific scene: tlie country will be sliaken to its 
 centre, and it sinslitutions buried beneath its ruins : confusion 
 will spread to every corner of the kingdom ; and it will lie 
 well if it is not accompanied by anarchy, misery, and death ! 
 Well, indeed, may Mr. Attwood lament, that the " giant 
 intellect " is gone ; that " the mind of Mr. Pitt is no more ;" 
 and that " his mantle has not descended to his successors."" 
 
 ^The remaining part of this Letter, relating more to the subject of 
 Corn Iviportaiions than to Currency, is here omilled.^ 
 
 NOTE, /C^2Z 
 
 The state of the Currency, as referable to hanlc paper, 
 during the time of general prosperity, and before the prepara- 
 tions to resume cash payments were entered into, may -be 
 estimated, and which will be found nearly correct, as under— 
 
 Bank of England notes in circulation, on the 
 
 average, not less than i?29,000,000 
 
 Country Bank notes, ditto, as appears by the 
 number and amount of stamps issued for 
 "^ ^ jf^c^j tljem, about f/n-.. /T^. t...^.'.f^. ..7. . 1 2,000,000 
 
 -V\-- ' ^"^"Zl^ Former amount in circulation. ..d C 4 i ;i OO| t> 00 
 
 Present average amount of Bank of England 
 
 noles in circulation, about dC17,500,000 
 
 Gold coin in circulation 6,000,000 
 
 Country Bank notes, ditto, ascertained as above ^,500,000 
 
 ^_ t O^gjyz^zy — — ^ 
 
 ~T, ' ? ■/ x y' Present amount in circulation . . . ofiWGiOOO.OOO 
 
 Hence it appears, there is upxoards of onc-tliird diminution in 
 bank paper alone, and probably still more in the amount of bills 
 of different denominations. The return to a metallic currency 
 at the old standard of value has thus necessarily compressed 
 the circulation into the same compass as before the war, whilst
 
 8 
 
 it has been left to sustain the additional bmlhr!) and muhi- 
 plied operation of our enormously increased public debt and 
 revenue, besides all tlie varied transfers of property and 
 monied obligations of society. The diminution which has 
 tlius taken place in the circulating medium of the country, 
 will, it is presumed, if the positions in the foregoing letter are 
 correct, fully account for all the distress and sweeping ruin 
 which is so fatally operating, and which will soon more decidedly 
 develope itself through a large portion of the community. The 
 agricultural, and, in a great degree, the mercantile and other 
 interests, have suffered from this cause, and much of the active 
 and productive capital of the kingdom has been destroyed. 
 But tradesmen, and all the intermediate classes of society, 
 (though not wholly exempt) have comparatively felt as yet but 
 little of the pressure of this gigantic evil: — artificers and 
 mechanics, and also many in a retail way of business, are 
 sustaining the same prices as heretofore ; and dealers will only 
 buy at such rate as they can again dispose of at some profit. 
 The learned professions also are at present removed from the 
 immediate influence of its destructive operation. The main 
 weight of the depression, therefore, falls upon the produc- 
 tive classes. The West India planter, the miner, and the 
 agriculturist of this country, are at present the greatest 
 sufferers Dy the contractive a/jtion upon the Currency ; whilst 
 the public annuitant and man of fixed income, is, in an equal 
 degree, benefitted by the measure : a system, however, which 
 thus destroys the productive capital of the country, must, in the 
 end, inevitably destroy itself It is not necessary here to enter into 
 any dissertation on this subject, as it is presumed the plain good 
 sense and intelligence of the reader, who gives it due considera- 
 tion, will readily perceive its baneful and destructive effect. 
 
 June 25. 1822. 
 
 Printed by Evans and Ruffv, at the Office of The Farmers' Journal 
 Weekly Newspaper, 29, Budge Row, London.
 
 FOSTSCRIFT. 
 
 ->♦<•■- 
 
 THE Eflfects predicted in the foregoing Note may 
 appear to some to have been falsified by Events: It is not so: — at 
 least they have not been falsified by natural Causes, or in other 
 M'ords, by any tendency in the System, as then in operation, to right 
 itself: But it was effected by a temporary change in the Policy of 
 Government, or rather by some temporary measures and expe- 
 dients, which, for a time, considerably enlarged the Circulating- 
 System of the country. This delayed the anticipated evils, ar- 
 rested the march of ruin in its progress, and shed again upon the 
 Country a cheering and flattering gleam of prosperity. The Mea- 
 sures which effected this salutary relief occurred almost immediately 
 subsequent to the writing of the foregoing '^ote, and may be stated 
 as follows, viz. : 
 
 First — Parliament, in June, 1822, in direct contraven- 
 tion of Mr, Peel's unfortunate Bill for returning to Cash Payments, 
 passed an Act to legalize the issue of Country Bank Small Notes 
 for eleven Years longer, viz. : till May, 1833, which again gave 
 full scope to the issues of Country Banks, and thus in a great 
 measure relieved the Country from its pressing and appalling diffi- 
 culties, which had arisen from a contracted circulation, previously 
 and necessarily enforced as a preparation for returning to payments 
 in Specie. 
 
 Second — The Bank of England, under the authority of 
 Parliament, agreed to lend Two Millions per annum to Govern- 
 ment, for the purpose of paying off the Pensioners of the Army 
 and Navy. 
 
 Third — About Three and a Half Millions was also ad- 
 vanced by the Bank to Government, to enable them to pay off the
 
 10 
 
 dissentinjsf holders of the 5 per Cents, wlio refused converting them 
 into 4 per Cents. 
 
 Fourth — Two Millions was also lent by the Bank to tlie 
 East India Company, and about as much more on Mortgage to 
 Landowners. 
 
 These several issues and advances, being a departure from 
 the line of Policy which was before in operation, to effect the return 
 to Cash Payments, produced a corresponding change in the aspect 
 of our affairs, as they tended most materially to increase the Circu- 
 lating Medium of the Country ; to raise the Prices of Property, 
 and to lift it above the pressure of the Public Taxes, the Debts and 
 Monied Charges which rest upon it : It also enabled all classes for 
 the last two or three Years to meet their engagements ; restored 
 confidence between man and man ; gave life and spirit to Industry 
 in every branch, and to the Country a gratifying but short-lived 
 prosperity. 
 
 Unfortunately, this state of tilings has passed, or is now 
 passing away ; it was the effect of temporary measures only, and 
 therefore could have only a temporary duration. If Government 
 had acted upon the principle of giving an adequate and permanent 
 Currency to the Country, distress would have been now unknown, 
 and every class would have been contented, prosperous and happy. 
 But their endeavour to restore a Metallic Currency on the Old 
 Basis has a directly contrary effect : It has been partially accom- 
 plished, but so changed are the circumstances of the Country, that 
 its completion is an impracticable measure, and distress has fol- 
 lowed close upon the heels of every attempt to effect it. 
 
 Gold cannot, for any length of time, be retained in the 
 Country as a Currency at the same time with an enlarged Paper 
 Circulation and high Prices; and it hence follows, that a diminished 
 Circulation and low Prices (however high the public burthens), 
 are essential to its existence, as a part of the Currency of England.
 
 11 
 
 Tlie natural consequence, therefore, of the enlarged Paper 
 Issues before mentioned, was the export of our Specie, which had 
 taken place to a \ery considerable extent^ when the Bank of Eng- 
 land, in the last Autumn, found it higlily expedient to curtail their 
 Issues, by reducing their Discounts, and limiting their accommo- 
 dations ; this created considerable IMercantile difficulties, which 
 soon spread in their effects, and ultimately produced the extra- 
 ordinary panic Ave have so lately witnessed : But if this panic had 
 not taken place, still the same difficulties would nevertheless have 
 occurred, with this only difference, that they would have crej»t in 
 upon Society in a more slow and progressive manner. 
 
 To obviate the consequences which have thus been pro- 
 duced, the Bank of England have again increased their issues, by 
 lending .accommodations to Merchants on their Goods, and by the 
 re-issue of One Pound Notes : But this will have only a temporary 
 effect ; the ruin is only stayed, not averted, as a subsequent con- 
 traction must soon necessarily follow, to prepare for the general 
 resumption of Cash Payments in Thiee Years. Palliative mea- 
 sures may again be resorted to, but such vacillating — such tempo- 
 rizing and miserable policy will ultimately destroy the confidence 
 and credit of the Country, break up the active Capital of the King- 
 dom, and in the end lay prostrate the Institutions of the Country 
 in the general ruin. 
 
 The Currency is a matter in itself the most important, 
 as affecting the welfare of every class of the community : It is the 
 very life blood of Society : It is the mighty Engine by which the 
 whole imlustry of the Kingdom is set in motion, ami wJiereby all 
 the operations of life are kept in action. Plenty of Money or Cur- 
 rency has uniformly produced a general elevation of prices, which 
 have necessarily given increased means to every class, and pro- 
 moted industry in every branch ; and with the increased burthens 
 of the Covmtry, giv«'n the increased means to su|)port them. It is 
 when the .Munied means of Societv are removed, that the fixed
 
 12 
 
 Monied debts and obligations, public and private, become o])pres- 
 sive and insupportable. An increase of Money and of Prices again 
 releases the Country as from a thraldrom. It is only when the 
 general range of Prices fall below, the general range of Expences 
 and Monied charges of every kind, that industry becomes para- 
 lized : It is the contractive action upon the Currency that causes 
 Distress, for it becomes no longer equal to the duties it has to dis- 
 charge : It is, in fact, the attempt to return to Cash Payments at 
 the Old Mint Standard, with the immensely increased Public Debt 
 and Monied Charges still upon our heads, and to force the Circu- 
 lation into the narrow limits such Standard imposes, which has 
 caused all the distress and misery we have experienced, and that 
 has spread ruin into every comer of the Kingdom. If we return 
 to the Currency of 1792, we must return to the Values and Prices 
 of 1792; but we cannot return to the taxation of 1792, and to the 
 same Monied charges of all kinds which existed at that period ; 
 and if we cannot do this, it is the height of folly and injustice to 
 endeavour to force back upon the country a state of Currency un- 
 fitted to the increased dimensions of the Public Burthens, and Pub- 
 lic Wants, and to cut doAvn the Prices of Property below the level 
 at which it can discharge the high Monied obligations Avhich 
 rest upon it. 
 
 Every attentive observer of the changes our Currency has 
 of late years undergone, will have seen that a corresponding fluctu- 
 ation in the prices of Property has invariably accompanied those 
 changes at every step : While the general mass of the population, 
 looking only to external causes, have attributed these variations 
 in the value of Property, and the alternate periods of Prosperity and 
 Adversity, to War and to Peace, and to every cause but the just 
 and true one : — and even Ruin has been ( on high authority), attri- 
 buted to over-production and over-abundance — to over-trading 
 and over-speculation ; but never to its truly legitimate one, the 
 error of Legislation! That War or Peace (those paramount 
 causes in the eyes of many), have never, in themselves, been the
 
 13 
 
 occasion of such fluctuations, may be seen by the following state- 
 ment of the average Prices of Wheat in each period of War and 
 Peace, during the last Century, viz. : — 
 
 Average Price of Wheat per Qr. 
 
 YEARS. £. s. d. 
 
 1698 to 1701— Peace - - 2 12 6 
 
 1702 to 1712— War - - 2 4 10 
 
 1713 to 1739— Peace - - 2 4 
 
 1740 to 1748— War - - 1 15 5 
 
 1750 to 1756— Peace - - 1 18 8 
 
 1757 to 1763— War - - 2 2 4 
 
 1766 to 1774— Peace - - 2 5 9 
 
 1775 to 1783— War - - 2 3 2 
 
 1784 to 1793— Peace - - 2 6 7 
 
 It must be evident, from the foregoing Statement, that 
 War has never, on former occasions, had any influence in the 
 raising of Prices ; it would therefore be an unfair presumption, 
 and certainly and erroneous conclusion to suppose that it had on 
 the last one. During former Wars, Prices rested upon a steady 
 and invariable Currency ; but the last War was carried on under 
 the Bank Restriction Act, and a general expansion of the Paper 
 System, and Taxes and Prices advanced in a ratio with it's 
 increase. 
 
 The average Price of Wheat in 1792 was 43s. per Quarter: 
 the War commenced in 1793, and enormous Loans were succes- 
 sively contracted for. The following are the average of succeeding 
 Periods, viz : 
 
 From 1794 to 1800, average of Wheat per Quarter, 69s. 
 1801 to 1810, Ditto, - - 82s. 
 
 1810 to 1813, Ditto, - - 110«
 
 H 
 
 This advance was evidently the effect of a depreciation in 
 the value of Money, from the increased issues and general expan- 
 sion of the Currency, set free from the metallic Standard. 
 
 Yet the Coimtry continued to flourish, because it's means 
 were above it's wants. In 1815 and 16, a contraction of the Cur- 
 rency was effected to prepare for the return to Cash payments after 
 the Peace, and great distress ensued. In 1817 and 18, another Loan 
 and large issues of Paper took place to wind up the Expences 
 of the War, and prosperity again appeared. In 1819, 20, 21, 22, 
 another Contraction was made to carry Mr. Peel's Bill into effect, 
 and general distress and ruin was the consequence. In 1823 and 
 24, increased issues came, and again afforded relief; and in the 
 Autumn of 1825 another Contraction occurred, and another period 
 of distress of panic and of ruin as readily followed : Enlarged 
 issues have again taken place to relieve it, and another Contrac- 
 tion must speedily follow to prepare for the general return to 
 Cash Payments (Ireland and Scotland exempted) in three Years, 
 and further scenes of misery and ruin will inevitably be the resvilt. 
 When are we to see the end of this vacillating and ruinous Policy, 
 which promotes and encourages Industry one day and scourges it 
 tlie next ? Have we not had enough of expansions at one time and 
 contractions at another 1 Of prosperity in the beginning of the 
 Year and of ruin in the end ? 
 
 Yet, in the face of these extraordinary changes, and the 
 repeated warnings they have afforded. Government has again rashly 
 recommended, and Parliament as blindly adopted the resolution of 
 returning to a Gold Currency at the Old Mint Standard, however 
 unfitting it has been found to the present wants, to the obligations, 
 and even to the necessities of Society. It is here once more 
 unequivocally repeated, that the present circumstances of the 
 Country, it's Public Debt, and every Species of Monied obligation, 
 which have mostly been contracted in a Currency of different 
 value, do not admit of the returning again to that limited Circuia-
 
 15 
 
 tion, and higher value of Money, which a Gold Currency at the 
 Old Standard must necessarily impose, without bringing with it 
 another period of difficulty and distress, of ruin and of wretched- 
 ness, in a still more aggravated form than it has yet been our 
 misfortune to behold. 
 
 Mmj 2iHh. 1826. 
 
 AUSTIN AND SONS, PRINTERS, HERTFORD.
 
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