ht hundred, and the circulation of each of these would
average about L8,000; could it be supposed that a stability which
had stood the late shock would be shaken or destroyed by a gradual
curtailment of paper, to the extent annually of two or three thousand
pounds for three successive years? When the difficulty was thus reduced;
when the means were so limited and humble by which a mighty principle
was to be established; when, by an operation so minute, and a process
almost insensible, the prodigious advantage could be obtained of placing
the pecuniary concerns of the country on the broad and imperishable
basis of a metallic currency; it would be as imprudent to let slip
the opportunity as it would be unreasonable to deny the principle. The
intended change was neither to affect the paper circulation at large,
nor to trench upon the great mass of paper currency, which was confined
to notes of the higher denominations: these might be piled mountains
high, provided the base be refreshed by streams of the metallic
currency. To those members who, without objecting to the principle of
the measure, wished it to be postponed, it was answered, that instead of
coming too soon it had come too late. Mr. Brougham, who also supported
the resolution, strongly urged the inexpediency of delay when the work
was already half done, in consequence of the general want of confidence
having of itself greatly limited the issues of the country banks. Mr.
Baring moved as an amendment, "That it is the opinion of this house
that, in the present disturbed state of public and private credit, it
is not expedient to enter into a consideration of the banking system
of the country." This was negatived by an overwhelming majority; as was
also an amendment moved by Mr. Gurney, to exclude the Bank of England
from the operation of the resolution. A bill for carrying this
resolution was immediately brought in by the chancellor of the
exchequer; and, though much resistance was offered to some of its
details, both in the commons and in the lords, the bill passed into
a law. The Earl of Carnarvon, who moved, on the second reading in the
lords, that the bill should be read that day six months, stated a new
reason why an actual gold circulation ought to be kept as far from
our doors as possible. A return of it, he said, would bring back the
highwaymen of Bagshot and Hounslow heath.

There was a greater temptation to commit robbery in the case of gold
than in the ca