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subject into their most serious consideration. Notwithstanding the undoubted right of the British legislature to legislate in this matter, he agreed that it was most desirable in every point of view, that the object should be accomplished by the colonial legislatures. With respect to those who had the accomplishment of this object most deeply at heart, he could answer for them, that instead of wishing to cast imputations upon any class of men, or to excite any thing like clamour, it was their most earnest desire to consult the interests of all, and to consider even the prejudices of those who opposed them with all possible indulgence, as far as all this could be done in consistency with the accomplishment of the grand object which they had in view. Neither on this nor on any other occasion had he stated the measure of the slave-registry bill as one intended to correct an evil already existing. He did not know, with any degree of certainty, how the facts really stood with respect to the past; but he well knew that it was the duty of a wise and just legislature to prevent the occurrence of evil if possible, as well as to restrain or abolish it when it had arisen; and when he should come to the discussion of that subject, he hoped to be able to convince their lordships, that in a period of peace, unless some such measure as the slave-registry bill were adopted, it would be impossible to prevent the prevalence of this illegal practice, not in a few instances, as his noble friend had stated, but to an enormous and horrible extent, while at the same time discovery might be rendered so difficult that it might be perhaps impossible to prove the violation of the law even in a few instances. Admitting that, in point of expediency, the British legislature ought only to interfere in these internal regulations where an extreme case should be pointed out, still it was fitting that the British parliament should have the means of forming an accurate judgment as to whether such an extreme case did or did not exist. Nothing could be better calculated for this purpose than the slave-registry law, as this would bring regularly before the British parliament the actual state and condition of the slave population.

Earl Stanhope was glad that this notice had been given, and that the subject was to be discussed in the British legislature. It was not a colonial regulation at all. The object was to prevent the commission

of acts of piracy against the subjects of a foreign power. He admitted, however, that the prejudices of the colonists ought to be consulted, as far as it could be done consistently with the great purpose; but an excellent argument might be applied to their pockets, and unless the colonial assemblies paid the proper attention to this recommendation, the British legisla ture ought to tax them so as to make them bitterly repent it.

Lord Holland said, that the noble earl had his wish, for they were already heavily taxed.

SILVER COINAGE.] The Prince Regent's Message having been referred to a committee of the whole House,

The Earl of Liverpool rose. He said, that although the Address which he should propose, in answer to the Prince Regent's message, would pledge the House to nothing more than to concur in the best and most effectual measures for remedying the defects of the silver coin, yet as these measures were partly to be brought before parliament for its approbation, it might not be improper to state the general outline of the measures which government had in contemplation on this important subject. This was certainly a question upon which the Crown, by its prerogative, had a peculiar right to decide, but some of the steps necessary for the accomplishment of the intended object could not be taken without the aid of parliament; and at any rate, where the matter was of so much importance, and so directly and immediately connected with the interests of all classes of the community, no ministry would be disposed to give advice to the Crown as to the proper mode of proceeding, without submitting that advice to the consideration of parliament. As to the general subject, it had occupied the attention of many persons for several years; and a near, dear, and lamented relation of his had made it the chief study of the latter years of his life. He had committed his thoughts on the subject to paper; in a letter to his sovereign; and, by the order of his sovereign, that letter had been published. His deceased relation had been, from a variety of circumstances, peculiarly well qualified for the discussion of the subject-from his general knowledge, from particular application to this subject, and from having had the charge of the gold coinage which took place in 1773-4. The work was before

the public. But it was in vain to imagine | for the purposes of change. Having laid that the work in question had done every down that as the principle upon which he thing. It had, however, thrown much proceeded, his opinion was, that the mealight on the subject, and the principles sure of the value of property ought to be there laid down, had, he believed, been as perfect as possible. But no inconvevery generally approved. A variety of nience had been felt from the state of the circumstances had occurred to keep the gold coin as it was last fixed, till the attention alive to the subject, since the period of that expenditure which turned publication of that letter, and the report the course of exchange so remarkably of the bullion committee of the House of against us. It was not desirable to make Commons had furnished a great deal of any alteration in the state of the coin most valuable information in the appendix. without an adequate object; it was inThis he was most willing to acknowledge, tended, therefore, to leave the gold coin though he could not agree with that com- in the same state as at present, and he was mittee in the main point of their report, happy that they had now arrived at a The time for the measures there recom- period when they could again allow gold mended was not then come; but now, to operate as the measure of value on the when the period of peace had arrived, old principle. With respect to silver, he and when the exchanges had become fa- considered that it stood on the same prinvourable, and were likely to continue so, ciple as copper; for not being in its na it was proper at the earliest possible op- ture the standard or measure of value, portunity to recur to that system which they had only to take care that there was was attended with the greatest practical enough of it for the purposes of change, convenience. It was impossible to state and that it should not be liable to be one's views as to the silver coinage with melted down. The expense of the manuout saying something respecting the gold facture, therefore, might be taken out of coin. He laid down this, then, as the the coinage, and a seignorage to support principal or foundation of the measures in the establishment. In 1773 silver was contemplation as to the silver coinage, considered as the standard or measure of that gold was, in point of fact, the value, and the principle at that time was, standard or measure of the value of pro- that the pound of silver should be coined perty in this country. The progress of into 62 shillings. First, then, they had this country in agriculture, commerce, now to consider what was the actual price manufactures, and riches, had made gold, of silver at present; 2nd, what it was in fact, the measure of value in this coun- likely to be; 3d, at what price they were to take it in the new coinage. The price try in a way more powerful and effectual A than any declaration. This, however, was at present 5s. 11⁄2d. per ounce. was the case not merely in fact, but in law, the rate of 62 shillings for the pound, the for the act by which silver was made a price would be 5s. 2d.; so that silver was legal tender only for 51. was in effect a at present below the mint price, and declaration that gold was the measure. might be coined even on the old principle. In a poor country gold could not be the It was not till the market price of silver measure of value; but it was very desira- was so far above the mint price as to afble that it should be so made in any coun- ford a profit for converting it into bullion, try where that could possibly be done. that it would be melted down, or was That metal which was least liable to fluc- worth the operation. Such an inducetuation in its value was the most proper ment would be taken away by fixing upon the coin a small seignorage, or raising the for this purpose; and this was the case with gold. By the natural order of things value of the coin above bullion. He in this country, and by the law, gold had thought that 5s. 6d. or 5s. 9d. would become the measure of value, and it was afford a sufficient security against melting. in itself the best adapted to this purpose. The question would here arise-were we This, then, be laid down as the basis of justified by the experience of any considethe measure which was now proposed to rable portion of time in considering this as be carried into effect. The other metals a rate that would preserve our silver in cirwould of course be subordinate to gold, culation? and he had no hesitation in saying and be used as valuable counters for we were. Upon an average of the fluctuachange; and as gold was the most proper tions in the price of silver since 1773, it metal for being the standard or measure had borne the value of 5s. 4d. an ounce. It of value, so silver was the best calculated was at present at 5s. 1, being a halfpenny (VOL. XXXIV.) (3 N)

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below the mint price. He therefore which might remain in circulation till a thought that a rise to 5s. 9d. would af- substitute was provided in the new coin. ford a sufficient security to all the coin The quantity of standard silver in these that might be thrown into circulation, and was much less than the proposed new coiwould admit of fluctuation within consi- nage. They circulated at 6s. 8d. or 6s. 9d. derably extensive limits. There was some an ounce, whereas an ounce of silver in difficulty in fixing a medium for the price the new coinage would be manufactured of silver, and it was a matter of consi- only into 5s. 9d. The deteriorated coin, derable importance to discover the true one. consisting of sixpences and shillings, should If the mint price should be fixed too high be called in as soon as a substitute in new when compared with that of gold, induce- money was provided. He could not state ments would be held out to export the gold, what was the amount of such silver in cirand thus to leave the country without its culation, but if it was not called in when standard coin; while, on the other hand, the necessity for it ceased, the new coinif the quantity of silver in the legal deno- age would immediately disappear. minations should be too great, a tempta- and good coin could not circulate together; tion almost irresistible would be produced for if government allowed them to co-exist, to melt it down. If the shilling circulated irresistible temptations would be held out in coin for much more than it was worth to melt the full weight coin, and convert in bullion, the gold would not circulate the metal into a denomination of equal along with it, but would be driven abroad, value in currency, but of less real value. or melted down. This was a result, how. The only plan that could therefore be ever, which he thought would not occur, safely adopted was, to make the calling in of if the rate he had mentioned were adopted; the base money and the issue of the substitute but if there was any reason to dread it, the simultaneous, and to issue such a quantity House should consider its consequences. of coin at first as would be sufficient There would be nothing else but a little for public convenience. He thought temporary inconvenience, which might be 2,500,000l. of new coinage would be suffi easily seen at its first approach, and as ea- cient to supply the place of the shillings sily remedied. The difference between and sixpences called in or driven from cir. 62 shillings for the pound weight of silver, culation. From the improved machinery which was the mint price, or the present of our mint, this quantity, great as it ap proportion that it bore to gold, and 68 or peared, might be prepared in the course 70 shillings, which it would be fixed at, of six or seven months. In the time of would pay the expenses of a recoinage. king William, before the improvements He had now gone over what he intended were known that we now possessed, the to say with regard to the preliminary part new coinage was not finished in less than of the question. He did not feel it neces- four years. However short the time besary to enter into speculations concerning tween the calling in of the old and the isthe probable charges that might afterwards suing of the new coin, and whatever artake place in the relative value of the two rangements were adopted with regard to precious metals from a disproportioned in- the indemnity to be granted to the holders crease of the quantity of either. He would of the former at the time of the change, not consider the probability of discovering some public inconvenience would be felt, new silver mines, and the consequent ex- and some necessary expenses incurred. cess of that metal over gold that would It was, however, to be considered that these ensue, though it was likely rather to fall inconveniences would rather increase than than increase in value. We could not le- diminish by delay, and that if we did not gislate for such contingencies: but every wish to go on for ever with our deteriothing that he saw at present confirmed him rated currency, the present was the most in the justice of his previous statements, propitious season for reforming it. With and the propriety of making them the ba- regard to indemnity, he felt disposed to sis of arrangements for the coinage of the propose, and he was sure the House would kingdom. He came now to the discussion feel disposed to adopt, the most liberal of what was the most important part of the principles. Their lordships were aware present measure, he meant the arrange- that when a new coinage was issued in ments proper to be adopted in recalling other countries and the old currency called the deteriorated silver coin, and substitut-in, the government received the deterioing the new. There were lately in circu- rated money from the holders of it by lation about 3,700,000l. in bank tokens, weight, and not by tail; so that the pub

lic incurred the loss that accrued from the wearing or clipping of it when in circulation. It became the government and legislature of this country to be more liberal. He proposed, therefore, that all the silver which could be considered as legal tender, by having the proper marks, should be received at its current value when called in. Mere counterfeits could not be received for more than their value as determined by weight and fineness, as it would be impolitic and unjust to burthen the country with an expenditure, to repay losses that were the consequence of the knavery or simplicity of individuals. He would recommend, that the distinction between what was at present legal tender, and what was mere counterfeit, should be strictly observed. The difficulty of deciding between them would not be found so great in practice as at first sight it might appear. In most cases the point might be easily settled, and if any reasonable doubt should occur, the public should have the benefit of the decision of it. He would not detain their lordships with detailing the advantages of a new coinage to trade and commerce, nor did he think it necessary to prove that the present was as fit a season for accomplishing that object as any that could be expected to occur. The inconvenience of the present system would increase by delay. Though he did not think that the silver coinage of the country was much more connected with the bank restriction than the copper, yet he would make a few observations on the subject. He sincerely hoped that by the end of two years the Bank would return to cash payments, and he was of opinion that the measure of issuing a good and sufficient silver coinage would not only operate as a step to ameliorate the whole system of our circulation, but would accelerate or facilitate such an event. The present, therefore, as a measure in aid of what all desired, could not but be acceptable. If it was not adopted, the resumption of cash payments would be more difficult. As it was the duty of the House to exert itself to restore the ancient state of our circulation, and, as we could revert to it only gradually, the reformation of our silver coinage seemed a necessary step. He, therefore, concluded by moving, "that an humble address be presented to the Prince Regent, thanking him for his gracious Message, and assuring him of the desire of the House to concur in its objects."

The Earl of Lauderdale conceived, that

| as he dissented from the doctrines maintained by the noble earl, he was bound, in the exercise of his parliamentary duty, to place the grounds of his dissent on the journals of the House. The book of the noble earl's father, from which he borrowed the doctrines he had just delivered, contained many sound opinions, and possessed great merit; but he could not accede to its fundamental principle, that gold was the best standard metal for the coin of the kingdom. He concurred with him, that it was better to have a standard of gold or of silver, than to invest both metals with that character. This principle should have been carried a little farther, and have prevented silver from being a legal tender for sums of 51. as it now was, if gold was to be considered as the standard. If, on the other hand, gold

was not the standard it should be allowed to find its level in the market, like any other species of commodity. If silver was made the standard, the change would be attended with this advantage that it would render our currency less liable to fluctuation in value; if not made the standard, and yet rendered the legal tender for small sums, it was liable to be deteriorated to an amazing extent as would be seen in the present debased state of our silver currency. The sixpences now in circulation were not worth in value more than 3 d., and the shilling had not generally in it more silver than what was equivalent to 8d. or 9d. Silver was circulated as a matter of convenience, without any regard to its goodness or weight. The smaller pieces of gold were regarded in the same light, and might in the course of time become equally deteriorated. If he had fifteen shillings in his pocket, he never considered their intrinsic value, or the weight and fineness of the metal they contained; but viewed them merely in the light of their exchangeable value, and as convenient for procuring what he wanted. He did the same with small gold peices. It would be proper, therefore, to adopt a metal, which from its greater divisibility compared with its exchangeable value, would be found more conducive to the purposes of convenience. On this account he would give the preference to silver over gold as the standard of payments. Adverting to the work of the late lord Liverpool, the noble earl declared that he felt as high a respect for it as any of their lordships: and he was of opinion that its noble author, after spending the greater part of his life in the

highness, humbly to implore his royal highness to postpone all thoughts of providing a new and extensive issue of silver coin, for the purpose of reconsidering a measure of so much importance, and of maturely deliberating whether, at a moment of such financial distress, it is justifiable to impose such a burthen on his people, more especially as it must by all be deemed at least uncertain whether it can be attended with any benefit to the community, if carried into execution during the continuance of the restriction on cash payments at the bank of England." The Earl of Liverpool rose, he said, not to re-argue the question, but to speak to a matter of fact. The cost of the new silver coinage was estimated at 500,000/.; but the noble lord had thought proper to estimate it at 9,500,000l. Now he could not imagine upon what ground the noble lord rested an estimate so incompatible with the actual amount of our silver currency. For the whole of the silver coinage of king William was about six millions, and with the exception of a small quantity in the reign of queen Anne, there had since notoriously been no silver coinage whatever.

The Earl of Lauderdale observed, that his estimate rested upon that of the chancellor of the exchequer, who appeared to calculate that only one out of twenty shillings in circulation was not of the coinage of the mint, whereas he (lord L.) took the more probable calculation, that 19 out of 20 were of that description.

The amendment was negatived, and the original address agreed to without a divi

sion.

HOUSE OF COMMONS.

Thursday, May 30. PETITION OF THE IRISH ROMAN CATHOLIC BISHOPS AND CLERGY.] Sir Henry Parnell rose to present a Petition from the bishops and clergy professing the Roman Catholic Religion in Ireland; he said it was signed by 23 prelates, and 1,052 priests. The Catholic bishops and clergy of Ireland, he proceeded to state, had been at all times most conspicuous for the faithful discharge of their duties, as teachers of the Christian Religion. Whatever there was of moral principle existing among the Catholic people of Ireland, it was wholly to be attributed to the unabated zeal of their clergy; for no people ever owed less, for any good quality they

possessed, to the protection of the laws they lived under, or the assistance of the state; the whole system of both being a continued effort, during the greater part of the last century, to deprive the people of all instruction, whether by the aid of religion or by schools. It was, therefore, not to be questioned, that had it not been for the meritorious conduct of the Catholic clergy, in defiance of all suffering and dangers, the Irish people must have been at this day the most ignorant and most uncivilized people of the world. He said, he knew that many were inclined to conceive that this was their real character, but such an opinion was wholly void of foundation. Every one at all acquainted with Ireland must admit, that the people possess a moral principle, which leads them to practise all the domestic and social duties in the most exemplary manner. It was no doubt true, that many and very outrageous acts and crimes occasionally disgraced some parts of the country; but if these were traced to their true causes, they would almost always be found to be instigated by religious animosities, emanating from political disabilities. Those who had the most studied the nature of the crimes that come before the tribunals of justice, are of opinion, that they are for the most part nearly altogether those crimes which are called mala prohibita, and not mala in se. This distinction is found to prevail very generally, and fully proves how universally the prin ciples of religion and virtue exist, and how successful the efforts of the clergy must have been in the discharge of their sacred duties. The Catholic clergy were not less distinguished for their zeal in teaching submission to the laws and the ruling powers. Notwithstanding all the bishops were appointed by James 2nd and his son the pretender, till a late period of the last century, it is upon record, upon the best authority, that among the pretender's papers, which were seized after the battle of Culloden, no trace was to be found of any connexion between him and the Irish Catholic bishops or clergy. The noble lord (the secretary for foreign affairs and the right hon. member for Peterborough (Mr. Elliot), who were both in the Irish government in 1798, have repeatedly borne testimony, in this House, of the great services the Catholic bishops rendered the state, by the influence of their example and pastoral letters, in suppressing the rebellion of 1798. Under

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