HC Deb 14 February 1826 vol 14 cc358-9
Mr. R. Gordon

rose to present a petition, to which he called the serious attention of the House. This petition, though not numerously was as respectably signed as any ever laid upon the table of that House. The subscribers were proprietors, farmers, and others, resident in and near Cirencester. All agreed in opinion, that the ministers were wrong in the course which they were about to take respecting the currency, and prayed, that the government would be just pleased to do nothing at all. It was, he thought, inexpedient to touch so delicate a matter as the currency, until the effect of the panic had subsided, and things had worked round their own remedy.

Mr. Benett

bore testimony to the great respectability of the petitioners, and concurred in their opinion, that a more unfortunate time than the present could not have been taken for agitating this important question.

Sir T. Lethbridge

thought the time had arrived, when it was imperative on government to do all in their power to place the currency upon a solid basis. The panic was passing away, and what was now doing would tend greatly to remove the want of confidence which prevailed in money matters. The plan now in progress would tend to secure to the poor man the full produce of his industry in a coin which could not be depreciated. He had no doubt that the return to a metallic circulation could be carried into effect with very little difficulty, for there was gold enough in the country to fill up the vacuum formed by the disappearance of the small paper currency. There was, however, one part of the consideration which had been entirely overlooked by the distinguished speakers who had discussed the question last night. He alluded to the remote contingency of the restriction of Bank cash-payments, should a time of war arise, and the government find themselves unable to uphold a circulation in specie. That was a material part of the subject which had not been discussed.

Sir John Brydges

thanked ministers for the course they had taken respecting the currency. The most fallacious system which this country had ever acted upon was that of the small-note circulation. He descanted upon the evils which had arisen from it, in districts where bank-failures had taken place. It was shocking to witness, as he had done, such scenes of heart-rending distress.