aid, that the proposal to introduce the silver standard was almost
impracticable and unjust. The proposal was, in point of fact, to have
the two precious metals in circulation at certain fixed proportions; a
condition which rendered the execution of the scheme impossible. It was
well known that the proportion in which these two metals interchanged
now was different from the proportion which they held in 1798. The mover
himself had admitted, indeed, that the difference was five per cent.
It might not be quite so much, but assuming it to be so, to what did
it lead? It made the proposed resolution a recommendation to the
legislature to declare gold and silver equally a legal tender, although
there was a difference of five per cent, in their relative values. What
would this be, he asked, in practice? Every debtor, it was said, who had
money to pay would be enabled to discharge his debt with five per cent,
less than he was bound to pay at present; and no doubt, he would, if the
opportunity was given to him. Suppose then that the resolutions should
be agreed to; what would be the result? It would be proclaimed from one
end of the country to the other that this house had come to a resolution
the effect of which might be shortly stated thus:--namely, that every
man who had claims payable on demand, every man who held notes of
small or great value, every man who had outstanding debts, would, if he
secured the amount of what was due to him before this resolution passed
into a law, get the whole of his money; whereas, if he delayed beyond
that period, he would only get ninety-five for every hundred pounds.
What, he asked, would become of the Bank of England, or of every
banking house in the kingdom, or of all debtors who were liable to pay
upon demand all that they owed? Would not all transactions of commerce
be suspended, and the whole country present one scene of confusion, and
consternation, and ruin, when the house of commons proclaimed to all who
had debts due to them, that if they did not collect them on the instant,
they would assuredly be losers to the amount of five per cent.? Mr.
Herries also contended that the alleged justice of the proposition was
fallacious. Its justice was made to rest on this--that it was only fair
to give the debtor the power of paying as he might have done in 1798;
and it had been assumed, that up to that time men could discharge their
debts in gold or silver, as they pleased. It was a great mistake,