l rose, and said, that "he would not enter on the
discussion of abstract subjects. From the reasonings of gentlemen, down
to the speech of the honourable member for Westminster, he was at a loss
to guess the objects of the committee. The honourable baronet fairly
stated that the real object of the motion was to repeal the bill of
1819; he had declared that the aim of the honourable gentleman, Mr.
Western, was to establish a new standard of value, and to reduce the
value of one pound to fourteen shillings. The house, he hoped, would
pause before they adopted a proposition for reducing the value of
the currency by one-third. An honourable gentleman had talked of
establishing and securing the foundations of public prosperity; but
what would be the consequence to-morrow if that night they adopted the
proposition of the honourable gentleman? Every man of common sense
would buy up every guinea in the country; the whole of our mercantile
transactions would be disturbed, and all private contracts be open to
inquiry and to defeat. Seven or eight years had already elapsed since
the house had pledged itself to return to the ancient standard of value.
In 1814 the house came to a resolution that the Bank of England ought
to return to cash-payments; in 1816, when his right honourable friend
proposed a resolution on the subject, the Late Mr. Horner would not
consent until an express declaration was made, that the legislative
would see that cash-payments should soon be resumed; and his proposition
was accordingly adopted. But the restriction was continued to enable
the Bank to resume cash-payments with greater convenience; so that since
1814 the country was accommodating itself to this new state of things;
and after having accomplished that object, the house was told that the
intent of the honourable gentleman's motion was to reduce the value of
money from twenty to fourteen shillings. With respect to the situation
of the public creditor, he has been paid in a depreciated currency. The
public creditor lent his money in 1798 and 1800 on the understanding
that, when the Bank restriction should expire, he would be entitled to
his demand in the ancient standard of value. If the house, therefore,
were to come to any adjustment of the value proposed by the honourable
gentleman, undoubtedly the creditor would have a right, and would demand
the full payment of his debt. It should be recollected that a great
number of persons held debentures who