Lord Folkestonesaid, he held in his hand a petition which he had been requested to present to the House, and which proceeded from an individual who, he should make no scruple in saying was, in his opinion, one of the ablest men in the country, and he believed, when he informed the House that the petitioner was Mr. William Cobbett, most hon. members would agree with him in this opinion. The petitioner stated, that he had, for the last sixteen years, observed the calamitous effects which had at different times during that period been caused all through the country by the fluctuations which had occasionally taken place in the value of the currency; that 571 these fluctuations, and the misery consequent thereon, had arisen entirely from the measures of this House, and had always been correctly prognosticated by the petitioner. That the petitioner thought that the plan which was at present under the consideration of the House was deserving of the highest approbation, and that, if it were accompanied with other measures, it would be most beneficial to the country; but that unless it were so accompanied, it could not possibly be carried into effect, and the attempt to carry it into effect would be productive of most disastrous consequences to the nation. The accompanying measure recommended by the petitioner was a reduction of taxation; for the petitioner conceived, as we were now about to return to a metallic currency, that the amount of the taxes ought not to exceed the amount they were at before a paper-currency was adopted. The noble lord concluded by moving that the petition be brought up.
§ Colonel Johnsonseconded the motion, and observed, that it was with feelings of great regret that he found the chancellor of the Exchequer had been induced to vary from his original resolutions. Such variation had raised apprehensions in his mind, that something would again occur to defeat the measure, and prevented his feeling any certainty that it would ever be carried into execution.
§ The Petition was then brought up, and read as follows:—
§ "The Petition of William Cobbett, of Kensington, in the county of Middlesex,
§ "Most humby sheweth—1. That your petitioner, perceiving that there is a bill before your honourable House, 'to limit, and after a certain period, to prohibit, the circulation of promissory notes, under a limited sum, in England,' most respectfully begs leave to pray your honourable House to reflect on the evils that may proceed from such bill, if unaccompanied by other measures, which other measures do not appear to be in the contemplation of your honourable House.
§ "2. That the last sixteen years have witnessed four sudden changes in the value of money; that every change has been attended with great masses of ruin; that, at every change, the working classes have been sunk deeper and deeper in poverty and want, till, at last, they present a spectacle of human wretchedness and degradation, such as the world never 572 before beheld; that all this ruin and misery have been caused by acts passed by your honourable House; and that, previous to the passing of every one of these acts, your humble petitioner has distinctly and publicly predicted the fatal consequences of the said acts respectively, each and every of which has fulfilled his predictions to the very letter.
§ "3. That, in the above-mentioned bill, now before your honourable House, your humble petitioner sees a design to cause gold and silver to be the circulating money of England, that he knows, as well as he knows that fireburns, that if gold and silver be the circulating money of England, that more than half the present nominal amount of the taxes cannot be levied, without producing ruin and wretchedness absolutely insupportable; and that, therefore, while he expresses his gratitude to your honourable House for your laudable design to restore to the people the security given by his majesty's coin, he most humbly, but most earnestly, prays your honourable House to reduce the taxes to an amount not exceeding that which was their amount before the small paper-money supplanted the coin of his majesty. And your petitioner will for ever most humbly pray,
§ "WILLIAM COBBETT."
§ "February 20, 1826."
§ Ordered to lie on the table, and to be printed.