him the applause of all honest Doctor, is bad that is not Scotch men, for his able and successful it is better for people to die with

endeavours to counteract the wiles

of those very impostors.

I am, dear Sir,
Your most obedient and

most humble Servant,
WM. COBBETT.

"BEST PUBLIC INSTRUC

TOR."

hunger than be fed by poor-rates, because poor-rates are not Scotch. Now, the Doctor knows, and, what is more, he knows that the public knows, that the paper money system is Scotch; he knows that we all know, that all the Scotch writers, Edinburgh Reviewers and all, have maintained, that the paper-money sys tem is a good one; he knows, in short, that literary and political damnation awaits the Scotch feelosofers, if the paper - money system be completely blown up. This the Doctor well knows; and, therefore, he clings to the system like a drowning sailor to a spar.

Dr. TORRENS makes a part of this instructor, and, as he is a good specimen of the whole, a fair sample of its ignorance and impudence, I will here notice, a little more fully than I did the week before last, that notable doctrine of his; namely, "that "it was the Corn-Bill that made Yet, it cannot be denied, that "people buy Colombian Bonds." | the Foreign Loans have been a Dr. TORRENS, Who calls himself a cause of great loss, and of great COLONEL, and who is a DeadWeight Captain of some corps or other, has, it seems, written and published a book on the Corn Trade; and, it is in this book that the above doctrine is laid down.

national injury. It is evident to me and to all who think with me; it is evident to the whole of the COBBETTS, that is to say, to the men of sense, that this great national injury has been occasioned solely by the paper-money system. This does not suit Dr. BLACK and the Scotch. Yet, they do not know very well how to ascribe the injury to any thing else. In this dilemma, Dr. BLACK meets DOCTOR BLACK is a thorough- with Dr. TORRENS's "Book on paced Scotchman: all, with the the Corn Trade," where he finds

Dr. BLACK of the Chronicle, who is not a fool himself, does not, however, scruple to quote real fools in support of any whim of his own; and, thus it has been in the present case.

the wonderful discovery, that the leating devils to sweep the streets, Foreign Loans, all the Bubble- or to mend the highways. ThereSchemes, and " Late" panic and fore Dr. BLACK, though he must all, arose from the Corn-Bill! have known better, takes the nonDr. BLACK Would have been too sense of this brazen and empty cunning to assert this himself; fellow, TORRENS, and puts it but, like the Quakers, when they forth as "a satisfactory enough spread slander on their neigh-explanation" of the cause of this bours, he puts forth the words of great national injury. The real Dr. TORRENS, and merely tells cause was, the false and base us, that he thinks that TORRENS paper-money, put forth by the has " explained the matter in a Small-Note Bill. But now, let satisfactory enough manner.". us see how Dr. TORRENS makes Dr. BLACK saw, too, that this was out, that the cause was the Cornfalling in with the desires of the Bill; and, observe, that this "saLORD CHARLESES; that is to say, tisfactory enough explanation" the proud fools: for, if the of Torrens, with Dr. Black's passpaper-system fail, and fail it must port, has travelled all over the if I be right, the LORD CHARLESES country, getting lifts gratis from and all their tribes will be clean the country papers, which, in geswept from the face of the earth; neral, are admirably calculated or, which would be better, will be for, and amiably disposed towards, compelled to sweep a part of that giving accommodation to matter face; and that, too, as sure as of this kind and character. I they are now alive and insolent. shall insert the Doctor's article paragraph by paragraph, and remark as I proceed.

To ascribe this great national injury to the Corn-Bill was as much as to say, "the cause is an "obvious cause, and one that we

Had we freely exchanged our wrought goods for the raw produce of our neighbours, there could not, while can remove, at any time, in a in the commercial countries of the "moment." To ascribe the in-world there remained fertile and well-situated land unreclaimed, have been a redundancy of capital, and an inadequate rate of profit and of intetheir accumulations in wild and huzurdrest, inducing individuals to employ ous adventures.

jury to the paper-money system would have been to join the Cobbetts, and, of course, to call for a

destruction of the paper-system, and a sending of the Lord Charleses and all their tribes of tax

Here is the doctrine laid down. It is here taken for granted, that

we had a "redundancy of capi-| redundancy of capi-By a system of commercial policy, tal” (that is money, mind); and disgraceful to the country, and to

that we laid it out in wild ventures, because of the Corn-Bill. We must all along bear in mind, that, by capital is meant money.

the age, we restricted the importation of foreign agricultural produce, and THEREBY lowered the rates of profit and of interest until cupital, excluded from the channels of beneficial investment and reproduction, existed in a state of redundancy; the low rates of profit and of interest induced those who were possessed of it, to employ their accumulations in every species of hazardous venture which was proposed to them.

But we would not receive, the cheap and good timber of Norway, in order to enrich the timber-merchants of Canada; we gave the exhausted soils of the West India islands a monopoly for supplying the home market with sugar, in order to enable the planter to perpe- vented from trading in foreign tuate slave cultivation; and above

Here is the whole of it. Pre

all, we closed our ports against the corn and other things, we laid our admission of foreign corn, in order "redundant money” out in shares, to enrich the proprietors of land, by bonds, and the like. But now, enabling them to lay a grievous and iniquitous tax upon the food of the Dr. TORRENS; thou Doctor of people. We forcibly contracted the Politics, with head as empty as field of commercial enterprise; we

choked up the advantageous chan- that drum that used to call thee nels in which additional investments to thy swaggering parade, how might have been made; we clung to

measures, the necessary tendency of happens it, that such an effect which is to reduce almost to nothing was, by the same cause, never prothe surplus of reproduction above

expenditure; and THUS we occa-duced before? But let us prosioned such a redundancy of capital, ceed. and such a depression in the rates of profit and of interest, that new and hazardous ventures presented the only openings in which accumulations could be employed.

This desire to engage in new ventures for the purpose of obtaining that adequate return for money which the ordinary transactions of business no longer afforded, rendered the spirit of speculation epidemic loans and foreign mines, joint stock throughout the country; foreign

currency.

So, mind, we HAD the "accumulations" (of money, of course) and the Corn-Bill and other anti-companies, and inordinate speculafree trade measures preventing usual demand for accommodation and tions in merchandise, created an unus from using the money in fair and safe trade, we flew to new and hazardous adventures with our money "; but, then, we must have HAD the money to lay out in safe trade: pray remember that, TORRENS.

Stop, stop! Oh! the devil: this will never do, Doctor TORRENS! What! You were telling us, but now, that it was our "redundant capital," our capital which "existed in a state of redun

dancy"; that it was our not knowing what to do with our heaps of money, that made us run after foreign loans and the like; and now, in the very next sentence,

arose out of the "redundant capital," which we possessed before the loans took place! What nonsense the fellow talks here! How the stupid creature bothers him

out.

from that dear empty head of thine self! However, let us hear him comes the assertion, that the foreign loans and the like, "created When the series of an unusual demand for accommocause and effect is thus completed, it appears obvious and self-evident that dation and currency"; that is to the measures contemplated by Misay, that the foreign loans and the nisters for placing the circulation of the country banks upon a more selike created an outcry for more cure foundation, can have little tenmoney, instead of having, as you the calamitous re-action which is dency to prevent the recurrence of had just asserted, been themselves now experienced. These measures created by redundancy of money beneficial. My objection to them is, may, perhaps, be to a certain extent already existing!-And yet, Doc-that they do not go to the root of the TOR BLACK thinks this "explanation of the matter satisfactory enough"!-But, now comes the grand secret.

evil; and that whether they be or be not adopted by the Legislature, the country, after the present crisis has passed away, will continue to be exposed to periodical returns of regorgement and revulsion

Το

The Directors of go at once to the root of the evil, and thus to prevent the periodical recur

public and private credit, we must abolish those absurd and iniquitous restrictions on the importation of food and material, which limit the quantity of capital; which can be beneficially employed in domestic industry; and which render profit and interest lower in England than in other commercial countries.

the Bank of England, and the country bankers, disregarding the legiti-rence of these ruinous shocks to mate principles of their trade, made issues upon long and unconvertible securities, and created a redundant circulation; the consequent high price of commodities, encouraging import, and checking export, with the engagements to be made good on account of foreign loans and foreign speculation, turned the balance of payments and the course of exchange against us; the Bank, in order to protect itself against the extraordinary demand for gold, suddenly contracted its issues; and THE CRASH CAME.

Precious nonsense! So, then, the "root of the evil" is the Corn-Bill, and the want of other free trade; and the evil is "a limit to the quantity of capital" and consequent foreign loans and share-schemes and panics, though the drum-headed fellow had be

The devil it did! And so, here was a "redundant circulation" created by the foreign loans and the like! when the very basis of the argument is, that these loans fore asserted, that the Corn-Bill

and the other restrictions on trade were the cause of " a redundancy of capital." But let me put a few questions to this Dr. Torrens. COBBETT. Dr. TORRENS, pray, how long has the present CornBill been in force?

DR. TORRENS. Ever since 1815. COBBETT. How long have the other restrictions on trade existed? DR. TORRENS. Oh! these twenty years and more. COBBETT. Say several hundreds of years, Doctor..

DR. TORRENS. Well; that may be; but, we are not to be fools because our ancestors were.

COBBETT. Very true, Doctor; nor does there seem to be any law to compel us to be wise for a similar reason. But, Doctor, do you recollect, that the Corn-Bill, or that the other restrictions on trade, ever produced foreign loans, or share-schemes, before

DR. TORRENS. What?

COBBETT. Do you, I say, recollect, that such consequences were ever produced before by the Corn-Bill and by want of free

trade?

DR. TORRENS. I really do not understand you.

COBRETT. Not understand me!

Why, you acknowledge, that these restrictive laws have been in force for many years, for eleven years at least; and, I ask you whether you recollect that they ever before produced any such effects?

DR. TORRENS. Upon the "honour of an officer and a gentleman," I do not recollect any thing

at all about the matter.

COBBETT. Not recollect! Why

do take this matter up. Do show Come, then, DOCTOR BLACK, produced these effects in 1824 us why the Corn-Bill should have

and 1825, and never before nor since. The Corn-Bill has sins enough to answer for without answering for the sins of the papermoney. Indeed it is itself one of the sins committed by the papermoney. And now, DR. BLACK, in conclusion, let me say, that it off this great flashy fool, TORRENS, is not very candid in you to play for the purpose of causing your readers to believe that which you would be ashamed to put forth under your own name.

FOREIGN LOANS.

I only want you to recollect for THE following account of these eleven years. Well, then, per-loans is worth preserving. It is haps you recollect what has passed such a proof of folly and of insince last Christmas. famy as was never before beheld.