RESUMPTION OF SPECIE PAYMENTS 
 
 1819 — 1823 . 
 
 A LESSON AND A WARNING TO THE PEOPLE OF THE 
 UNITED STATES. 
 
 t 
 
 BY 
 
 HENRY CAREY BAIRD. 
 
 Money should be a thing of, or belonging to, a country, not of 
 or belonging to the world. 
 
 An exportable commodity is not fitted to be Money, and no¬ 
 thing could be more monstrous than England’s principle—followed 
 by the United States up to the war—her legislation forcing her 
 people to be buyers of gold, and making their possession of gold— 
 one of the scarcest articles in the world—the condition of their 
 being able to furnish themselves with food and clothing. 
 
 Hon. Isaac Buchanan, of Canada. 
 
 PHILADELPHIA: 
 
 COLLINS, PRINTER, 705 JAYNE STREET. 
 
 im. 
 
RESUMPTION OF SPECIE PAYMENTS IN ENGLAND. 
 
 The President of the United States having officially proclaimed to 
 the world, that, in his opinion, paper money—the United States legal 
 tender note—“is nothing more than promises to pay, and is valuable 
 exactly in proportion to the amount of coin that it can be converted 
 into,” and having also earnestly recommended to Congress that it 
 shall enact “ such legislation as will insure a gradual return to specie 
 payments,” it would seem in the highest degree desirable that the 
 people should be made to realize what “ a return to a specie basis” 
 involves, and what it is likely to cost them. 
 
 Almost from the hour in which the war closed in 1865, and when 
 the country was bleeding at every pore, and the southern portion of it 
 was almost wholly ruined,* the nation was called upon by the then 
 Secretary of the Treasury, Hon. Hugh McCulloch, to conform itself 
 in practice to the theories which he happened then to hold. Had he 
 not been stopped by Congress in mid-career of his contraction 
 policy in 1868, he would long ere this have inevitably caused the 
 complete bankruptcy of the country and of the national treasury. 
 Notwithstanding this fortunate interposition of Congress, the uniform 
 policy of the Treasury Department from April, 1865, to the present 
 time, has been that of looking to the “ specie basis” goal, and obliging 
 the people to square their affairs in accordance with this scheme of 
 finance. To this basis, we are now, in the midst of ruin and distress 
 further invited by the President, notwithstanding the fact that it has 
 always and everywhere proven to be as unstable as the sands of the 
 sea-shore, and with a superstructure many times greater than itself, 
 it has almost always been a mere pretence and a fraud. Indeed, 
 if the President’s own doctrine were true, notes resting upon this 
 basis, and “ valuable exactly in proportion to the amount of coin 
 that they can be converted into,” would usually be worth but from 
 12^ to 25 cents on the dollar, f But the President unduly magnifies 
 the importance of the precious metals, the great power of which 
 comes not of any inherent and natural qualities but of their being 
 made by governments “ a basis” for all of the business and financial 
 
 * Sad to say, it is far worse off now, mainly owing to tlie mismanagement 
 of the currency of the country. 
 
 f An official statement of the condition of the Banks of Massachusetts 
 shows that between 1825 and 1838 theVproportion which the “basis” bore to 
 
3 
 
 affairs of their countrymen, and a legal tender for the payment of 
 debts.* 
 
 While the President greatly exaggerates the virtues of specie, it is, 
 on the other hand, quite impossible for any one to exaggerate the 
 ruin which will result from any legislative attempt whatsoever to 
 force the country to place itself and its affairs upon this ticklish 
 “ basis.” Fortunately for us, it is not now necessary that we should 
 try the experimentum crucis for ourselves, it having been tried by 
 Great Britain between 1815 and 18^3, with such results that any 
 tyro may read the story and learn the lesson as fully and completely 
 as even a President of the United States. 
 
 Great Britain in 1793 and 1797. 
 
 In 1793 the British Government under the leadership of William 
 Pitt declared war against France, and by the 27th of February, 1797, 
 
 the superstructure varied between one to four and one to eight and three 
 quarters , as follows :— 
 
 Year. 
 
 
 Paper. 
 
 Specie. 
 
 Year. 
 
 Paper. 
 
 
 Specie. 
 
 1825 . 
 
 
 • 6 xo 
 
 to 
 
 1 
 
 1833 . 
 
 • 8| 
 
 to 
 
 1 
 
 1826 . 
 
 
 • 2 t 
 
 to 
 
 1 
 
 1834 . 
 
 • H 
 
 to 
 
 1 
 
 1827 . 
 
 
 • 4 f 
 
 to 
 
 1 
 
 1835 . 
 
 . 8} 
 
 to 
 
 1 
 
 1828 . 
 
 
 . 6* 
 
 to 
 
 1 
 
 1836 . 
 
 • H 
 
 to 
 
 1 
 
 1829 . 
 
 • 
 
 . 5 
 
 to 
 
 1 
 
 1837 . 
 
 • 6| 
 
 to 
 
 1 
 
 1830 . 
 
 • 
 
 4 
 
 to 
 
 1 
 
 1838, Feb. . 
 
 . 5* 
 
 to 
 
 1 
 
 1831 . 
 
 • 
 
 . 8^ 
 
 to 
 
 1 
 
 1838, Oct. . 
 
 . 4 
 
 to 
 
 1 
 
 1832 . 
 
 
 . 8 
 
 to 
 
 1 
 
 
 
 
 
 How could anything but instability and insecurity come from such a 
 system? Do not the ever varying and disproportionate relations of these 
 figures alike utterly condemn the system which could produce them ? 
 
 * That this is so, is proven by the results of the demonetization, to a large 
 extent, of silver in Germany, and the caution which the government has now 
 to exercise in disposing of the demonetized silver*to prevent its sacrifice. 
 This caution it has practised in spite of the attempts of “the radical gold 
 ultras,” as they are called, to force its sale at any price, it being “ evident that 
 it is necessary,” says a German correspondent of the London Economist, “for 
 the Government to sell as much of our superfluous .silver as can be got rid of at 
 tolerable prices, and you know best how very small hitherto the sales have 
 been.” 
 
 The forlorn condition of this precious metal when it shall have lost the 
 governmental prop throughout the world, is thus depicted by Paul Leroy 
 Beaulieu, in a recent number of the Economiste Frangais , who says: “When 
 the substitution of a gold for a silver currency in Germany is completed, 
 there will remain, after due provision is made for subsidiary coins, a total of 
 £48,000,000 worth of silver, the whole of which will be thrown upon the mar¬ 
 ket. But this is not all. Denmark, Sweden, and Holland have decided to 
 adopt a gold standard, and the same course will probably be followed by 
 Belgium. In these countries the quantity of silver to be disposed of in conse¬ 
 quence of the demonetizing of that metal will be not less than £24,000,000. 
 Thus we have a total of £72,000,000 of silver, which, before very long, will be 
 thrown on the market. The effect of this increase in the supply cannot fail to 
 have great influence in the direction of a further fall in the price of silver. 
 Moreover the ancient and characteristic predilection of the Oriental countries 
 for silver—of which they have hitherto taken great quantities from Europe— 
 is growing weaker, and hence the most intelligent of them, the Japanese, have 
 adopted a gold currency. We cannot then reckon upon the great Eastern 
 nations absorbing the enormous quantity of silver which is about to be thrown 
 out of circulation in Europe. So far, therefore, it seems likely that the de¬ 
 preciation of silver must go on indefinitely.” 
 
 Our own crisis in 1873 proved the power of the quality of acceptability 
 
 r 
 
4 
 
 the condition of the Bank of England had become such that it found 
 itself under the necessity of suspending specie payments, and the 
 government interposed its so-called “ restriction” upon the Bank from 
 paying any more gold or silver. Mr. Pitt subsequently obtained the 
 passage of an Act of Parliament authorizing the restriction to con¬ 
 tinue to June 24, before which time a new act was passed continuing 
 .the suspension, and subsequently numerous other acts were had 
 postponing it from time to time, until in 1819, when “ Peel’s Currency 
 Bill” was enacted, providing fof complete resumption of cash payments 
 by the Bank on May 1, 1823. Be it observed, too, that the Govern¬ 
 ment and the Bank were driven to these expedients notwithstanding 
 the fact that, while, with the enormous outlays, incident to maintain¬ 
 ing large .armies on the continent, large fleets on the ocean, and other 
 measures, calling for the export of gold and silver in large quantities, 
 she was, owing to the extraordinary development of her diversified 
 industries, enabled to draw from the rest of the world, the precious 
 metals to perhaps as great or even a greater amount than that de¬ 
 manded by these foreign expenditures. It actually appeared in evi¬ 
 dence before the bullion committee in 1810, that from 1805 to 1809 
 inclusive, the balance of trade in favor of England had amounted to 
 £50,000,000, or nearly $250,000,000. At or about the time of the 
 overthrow of Napoleon at Waterloo, June 18, 1815, the circulation 
 of the Bank of England was £27,000,000, while that of the country 
 banks was estimated at about an equal amount, making a total circu¬ 
 lation of £54,000,000. 
 
 The premium on gold in the under-mentioned years was as follows:— 
 
 1814 .... 30£ p . c . 
 
 1815 . . . . 18| “ 
 
 1816 . . . . “ 
 
 1816 Oct. to Dec. under 1 “ 
 
 1817 . 
 
 1818 . 
 
 1819 . 
 
 1820 and 1821 
 
 2 k P- c. 
 5 “ 
 
 6 * “ 
 par. 
 
 The commercial paper under discount at the Bank of England was 
 as follows:— 
 
 1815 . 
 
 
 £14,917,000 
 
 1820 . 
 
 
 
 £3,883,600 
 
 1816 . 
 
 
 11,416,400 
 
 1821 . 
 
 
 
 2,676,700 
 
 1817 . 
 
 
 3,960,600 
 
 1822 . 
 
 
 
 3,366,700 
 
 1818 . 
 
 
 4,325,200 
 
 1823 . 
 
 
 
 3,123,809 
 
 1819 . 
 
 
 6,515,000 
 
 1824 . 
 
 
 
 2,369,800 
 
 The results of such a selfish and cruel policy as is here exhibited 
 in regard to contraction of loans, together with contraction of the 
 
 for the payment of debts, by the heavy decline in United States bonds and 
 gold, and even the willingness of parties to dispose of bonds previously 
 at a large premium, to the government, at par for currency. During those 
 dreadful days the power of this quality was exhibited in a marked manner 
 in the almost frantic efforts to obtain control of bank credits, resembling 
 those of the Bank of Venice, not even payable in “promises,” but merely 
 transferable through bank clearing houses. At this hour live dollars worth 
 of merchandise are seeking purchasers for every dollar of “ paper promises 
 to pay” which is being offered in exchange for commodities. The value of 
 these “ promises,” in the eyes of those who seek them, arises not from the 
 ‘‘amount of coin they can be converted into,” but from the fact that they 
 will be gladly accepted in exchange for commodities and in payment of 
 debts. 
 
5 
 
 circulation of the Bank from £27,261,650 in 1815, to £18,176,470 in 
 1823, were quite what they might have been expected to be. The 
 story shall be told by Thomas Doubleday, Esq., a bullionist of the 
 strictest stamp, but'not one who cOuld approve of such measures of 
 confiscation as were practised upon his countrymen between 1815 
 and 1823. I quote from Doubleday’s Financial, Monetary, and 
 Statistical History of England, (London, 1847, p. 238, et infra,) 
 as follows :— 
 
 Great Britain in 1815. 
 
 “Hardly had the echoes of the cannon of Waterloo died into silence, 
 when it began to be felt that this state could not continue longer. That 
 monopoly of supply which the extraordinary circumstances of the war 
 had thrown into the hands of Great Britain began forthwith to fall to 
 pieces. The seas were now equally open to all. The colonies which, 
 during the long period of hostilities, had been wrested from the French, 
 Spaniards, and Dutch, w r ere now for the most part to be restored. We 
 could not hold them in peace. Thenceforward the European nations were# 
 not only independent of us as to colonial produce, but, freed from the rav¬ 
 ages of war and the obstacles of blockades, they began to manufacture 
 for themselves. The woollens of Saxony and the Merino fleeces of Spain 
 began to be felt clogging the wheels of our machinery. That machinery, 
 despite of penalties and prohibitions, in due time found its way across the 
 narrow seas, up the Baltic, and beyond the broad Atlantic. Russia es¬ 
 tablished the cotton manufacture. The United States did the same. The 
 coal of Belgium began to work steam engines and mechanism unknown 
 before. With all this, the expenditure of the government at home for 
 warlike stores, recruits, commissariats, and transport-ships suddenly ceased. 
 Prices fell, on a sudden, to a ruinous extent—banks- broke—wages fell 
 • with the prices of manufactures ; and before the year 1816 had come to a 
 close, panic, bankruptcy, riot, and disaffection had spread through the 
 land. Vast bodies of starving and discontented artisans now congregated 
 together, demanding a reform of the parliament, a repeal of the corn-laws, 
 and a reduction of taxation. The discontents, the government, as usual, 
 put down by an armed force, who with the constitution in their mouths, 
 sabred the people d la Gossaque. The commercial distress they ascribed 
 to ‘ the transition from war to peace and contented themselves with the 
 application of some palliatives, in the shape of advances of money and 
 Exchequer bills, through the Bank, hoping that affairs would gradually 
 come round to a settled state. In this they were, after a time, partly 
 gratified. The mercantile part of the community accommodated them¬ 
 selves gradually, perforce, to the new scale of prices after a ‘ transition,’ 
 which, in its progress through 1814, 1815, and 1816, rendered bankrupt 
 no less than eighty-nine country hanks , together with an enormous number 
 of traders of all grades and descriptions.” 
 
 The Bank of England. 
 
 “ In the midst of this turmoil, another grand cause of confusion remains 
 to be mentioned ; and this was the new and ticklish position of the 
 grandam of so many years of villany and egregious folly, to wit, of the 
 ‘Old Lady of Threadneedle Street,’ as she now began to be called; that 
 is to say, of the Bank itself. The reader will remember that throughout 
 the various times when the acts for continuing Pitt’s ‘ Bank-restriction’ 
 were to be renewed or altered, one clause was always retained, and that 
 was the clause binding the Bank to ‘ resume cash payments 1 within a few 
 mouths after peace should come. It has been asserted that Pitt never 
 
0 
 
 meant this clause to be enforced, at least as far as regarded the fund- 
 holders ; and that he intimated as much in Parliament on one occasion. 
 This may possibly be true ; but the clause, nevertheless, was adhered to; 
 so that, before the Waterloo bonfires were well out, the Bank Directors, 
 with this clause staring them in the face, began to bethink themselves, 
 how they might most quickly lessen the enormous bales of their paper 
 that were afloat, so as to give them some chance of paying the remainder 
 in gold and silver ‘ on demand.’ This was a new feature. During former 
 revulsions, such as that in 1810, caused by the decrees of Bonaparte 
 against the admission of British goods, the Bank had come promptly for¬ 
 ward with loans and discounts to relieve the pressure. Now, however, the 
 Directors scarcely dared to move an inch. They knew that ‘ the political 
 economists’ were strong in the House, and that they were bent upon cash 
 payments, at all risks. They knew that the Jews of Change Alley would 
 secretly abet the same doctrine. Against a combination of usurers and 
 theorists, one set all selfishness, the other all crotchets, there was no de¬ 
 fence to be made.* The country gentlemen, who were the dupes of the 
 economists, were led to believe that cash payments were necessary for 
 both the interest and security of themselves. Those who had the power 
 .were resolved, and nothing was left to the Bank but to narrow its issues, 
 and look about for gold and silver wherewith to meet the storm. This 
 was altogether a difficult business. In the year 1816 alone, thirty-seven 
 Country Banks had become bankrupt. The commercial world, therefore, 
 required additional propping. But the Government w r as in the same di¬ 
 lemma ; and to it the merchants were sacrificed. Between February and 
 August, 1816, the Directors lessened their discounts from twenty-three 
 millions to eleven millions ; and before February, 1817, to eight millions; 
 and before August of the same year to seven millions ; whilst up to nearly 
 the same period, they held of Exchequer-bills, etc., twenty-five millions ! 
 This reduction of private discounts answered two purposes of the Bank : 
 it kept their circulation within bounds ; and, if it slaughtered the mer¬ 
 chants and manufacturers, it brought about another novelty, viz., a reduc- # 
 tion in the price of gold down to four pounds the ounce ; or nearly to 
 the mint-price ! This enabled them to get gold on easier terms, and to 
 make a flourish, by the voluntary issue of a large sum in sovereigns; a 
 measure absurd and premature to the last degree, for by this addition 
 thrown into the currency, the prices of gold and silver bullion were again 
 raised a little, and the whole of this new coin was exported ! 
 
 “This reduction of the Bank issues, and destruction and crippling of 
 the Country Banks, had another and still more important effect, inasmuch 
 as by causing the price of gold to fall to nearly the mint-price, it en¬ 
 couraged the political economists to press forward, and, at last, in 1819, to 
 pass an act, the most important in its consequences, and extraordinary in 
 its circumstances, that ever was decided upon by any legislature, in any 
 age or country. This was the celebrated Bill ‘ for the Restoration of 
 Cash Payments,’ passed in 1819, and since famous as ; Peel’s Currency 
 Bill.’ ” 
 
 Peel’s Currency Bill of 1819. 
 
 “The Currency bill of 1819 was passed at the instance of a committee, 
 amongst the members of whom were included all the parliamentary dab¬ 
 blers in political economy of any name or talent, and of whom Peel was 
 chairman. Horner, the chairman of the bullion committee of 1810, was 
 
 * How history repeats itself, and how this story reads like a chronicle of 
 events of which we are now in the midst! To the credit of the Jews, how¬ 
 ever, it may be said, that they have not at this time as a class arrayed them¬ 
 selves against the people. H. C. B. 
 
7 
 
 dead; but, in bis stead, they bad Ricardo, a rich Jew stock-jobber, who 
 having made an immense fortune by this worst species of gambling, had 
 also contrived to obtain a reputation by the publication of some books on 
 political economy ; ingenious in argument, but, in many points, of very 
 questionable soundness ; and frequently substituting an elaborate super¬ 
 ficiality for wisdom and depth of reflection. Backed by the authority of 
 this rich and arrogant man, the economists obtained on this occasion an 
 almost entire command of the House of Commons. The ministry were 
 led into the snare, with open eyes indeed, but, like somnambulists, with 
 eyes of which ‘ the sense is shut.’ They selected a young member of their 
 own body, Mr. Peel, to bring the bill for the restoration of cash payments 
 before the House of Commons ; and hence the bill, much to his detriment, 
 has borne his name. It is only justice to say that to Mr. Peel, now Sir 
 Robert Peel, the obloquy of this greatest blunder that ever legislature 
 committed, ought not to be given. He was but the mouth-piece, and the 
 ignorant mouth-piece, of an ignorant and blundering Plouse of Commons, 
 led by the nose by a self-conceited but shallow junta of theorists. He 
 was pitched upon for this unfortunate service, merely because he was a 
 young man of aspiring pretensions, vast wealth, and of that sort of me¬ 
 diocre, but well-cultivated and accommodating talent, which recommends 
 its possessor as likely to do what is expected to pass for a brilliant thing 
 cleverly and showily. The fact was, the whole debate on this bill was a 
 laughable farce. The mind of nearly every man in both Houses was made 
 up to support this measure. That the finger of Providence was mani¬ 
 festly in it, I cannot doubt, until I doubt whether there be a Providence. 
 Quos Deus vult perdere, prius dementat ! The Houses made the plunge 
 with one accord. There was hardly the semblance of an opposition. 
 Ricardo had the enormous folly to tell the House that the bill was ‘ not 
 worthy of half an hour of even their consideration and assured them 
 that the whole question was one of ‘three per cent.this being the extent 
 of the fall of prices, which this man calculated would take place, after all 
 the one and two-pound notes in the kingdom were burned, and the re¬ 
 mainder, of five pounds and upwards, made ‘payable on demand in gold 
 sovereigns, coined from metal worth three pounds, seventeen shillings, and 
 tenpence halfpenny the ounce V 
 
 “ In short, there was only one man in the Commons who really understood 
 and opposed the measure, and this man was Mr. Matthias Attwood. The 
 Bank Directors had indeed said, they ‘ feared the country could not bear 
 'the measure/ but they dared not oppose it; and Mr. Attwood was pre¬ 
 vailed upon to quit the House that the vote might be ‘ unanimous !’ In 
 the House of Lords, Lord Grey alone ventured to dissent from the measure; 
 but he only ‘ washed his hands of it/ as Pontius Pilate did before him, 
 suffering the deed to be done, and drily saying, ‘he hoped it would pro¬ 
 duce the consequences which their lordships expected from it / a signifi¬ 
 cant sentence, and one of which their lordships must have, since that time, 
 often thought! The Houses, however, for once, ‘ were all in one aq^ord.’ 
 The Speaker and the Prince Regent congratulated each other on the com¬ 
 pletion of this monument of the legislative wisdom of the empire; and 
 ‘ the question of cash payments’ was, in the flippant phrase of Mr. Can¬ 
 ning, ‘ set at rest forever’! 
 
 “ As a bit of legislation, this ever-memorable act is remarkably brief, 
 and to the point $ consisting only of thirteen not very long nor wordy 
 clauses. It repeals, in the first place, all the acts for restraining the Bank 
 from paying its creditors, which had been passed frqm 1797 up to that 
 time, the repeal going into effect ‘ from and after the first day of May, 
 1823.’ This was a repeal of all Bank notes on demand for sums less than 
 five pounds. It then provides for a gradual return, in the mean time, by 
 the Bank to cash payments ; beginning with an issue of gold at four 
 pounds one shilling the ounce, in 1820, and ending with the standard mint- 
 
8 
 
 price of £3 17s. 10|cL The concluding clauses repeal all the old statutes 
 against the melting and exportation of coin or plate, and repeal also the 
 oath required from exporters of bullion, that it was not melted plate or 
 coin, or clippings of coin, as far as relates to the melting portion, retain¬ 
 ing only the portion that applies to clippings of the coin of the realm. 
 It also required that the Bank should publish every quarter, until May, 
 1823, an account of its average circulation, for the benefit of the lieges 
 who might doubt as to the prudence with which its affairs were conducted, 
 an arbitrary and questionable step, but which was afterwards extended 
 much further, on a subsequent occasion. 
 
 “ This was the substance of the celebrated bill to which the name of 
 ‘ Feel’ has, unfortunately for his reputation, been wedded, after a fashion 
 that admits of no divorce in future time. By all, except the few minutely 
 acquainted with its history, he will be believed to be the originator and 
 framer of an act which, if, as is too probable, not only the present system, 
 but the present form of government, be doomed to be in no long time 
 swept away, will be found to have, been one of the grand preparatory 
 causes of the catastrophe. That Sir Robert Peel is, partly at least, of the 
 same opinion, seems evident in the attempts which he has so often made 
 to shake off his reputation for its exclusive authorship, and to place the 
 onus of the deed upon the rightful shoulders. For these attempts no man 
 of common sense can blame him, and the only objection to them is that 
 they must be fruitless as to the result which he so palpably desires. 
 
 \ 
 
 The Ruinous Fruits Gathered in 1822-23. 
 
 “ When the two Houses of Parliament met for the session of the year 
 1822-3, to the eyes of intelligent observers an extraordinary scene pre¬ 
 sented itself. There, on one side, were the two Houses, constituting ‘ the 
 Imperial Parliament,’ gaged and pledged, as deeply and solemnly as ever 
 men were pledged in all this world, to set the currency question ‘ at rest 
 for ever,’ as far as extinction of all Bank notes for sums under five pounds, 
 and the payment of the remainder on demand, in sovereigns coined out of 
 gold at the rate of 3Z. 17s. 10^<i. per ounce troy, could set it at rest; and 
 there, on the other side, were Mr. Cobbett and his readers, with their 
 gridiron, ready either to repeat upon the person of that extraordinary 
 man the sad story of St. Lawrence, or to be adopted as a type and token 
 of the triumph of his principles, as to this grand topic for ever and ever ! 
 At this period, however, Mr. Cobbett did not stand so much alone as he 
 did at the time of his hazarding the prediction, with all its penalties an¬ 
 nexed to it. As the memorable first of May, 1823, drew near, the country 
 bankers, as well as the Bank of England, naturally prepared themselves 
 by a gradual narrowing of their circulation, for the dreaded hour of gold 
 and silver payments ‘ on demand,’ and the withdrawal of the small notes. 
 We have already seen the fall in prices produced by this universal nar¬ 
 rowing of the paper circulation. The effects of the distress produced all 
 over the country, the consequence of this fall, we have yet to see. 
 
 “ The distress, ruin, and bankruptcy, which now took place were uni¬ 
 versal, affecting both the great interests of land and trade; but amongst 
 the landlords whose estates were burthened by mortgages, jointures, set¬ 
 tlements, legacies, etc., the effects were most marked and out of the ordi¬ 
 nary course 4 . In hundreds of cases, from the tremendous reduction in the 
 price of land which now took place, the estates barely sold for as much 
 as would pay off the mortgages ; and hence the owners were stripped of 
 all, and made beggars. I was myself personally acquainted with one of 
 the victims of this terrible measure. He was a school-fellow, and in¬ 
 herited a good fortune, made principally in the West Indies. On coming 
 of age, and settling with his guardians, he found himself possessed of fully 
 forty thousand pounds ; and with this he resolved to purchase an estate, 
 to marry, and to settle for life. He was a young man addicted to no vice, 
 
9 
 
 of a fair understanding, and a most excellent heart, and was connected 
 with friends high in rank and likely to afford him every proper assistance 
 and advice. The estate was purchased, I believe, about the year 1812 or 
 1813, for eighty thousand pounds, one moiety of the purchase-money 
 being borrowed on mortgage of the land bought. In 1822-3 he was com¬ 
 pelled to part with the estate in order to pay off his mortgage and some 
 arrears of interest; and when this was done he was left without a shilling, 
 the estate bringing only half of its cost in 1812 ! Thus, without im¬ 
 prudence or fault of any kind, was this amiable man, together with his 
 family, plunged in irretrievable and inevitable ruin, by the act of a legis¬ 
 lature which ought to have protected both, and which was fully warned 
 of the consequences of what it was about to do ; but which, in requital, 
 chose to laugh those who warned to utter scorn. My readers must not 
 suppose that this was either an exaggerated or uncommon case. On the 
 contrary, the country teemed with similar examples, and on the com¬ 
 mencement of the session of 1823, the tables of both Houses were loaded 
 with petitions, detailing scenes of hardship and destitution appalling in 
 the extreme. As a sample of the whole, I have selected one wkick most 
 fully exhibits the dreadful effects of this infatuated measure upon the wel¬ 
 fare and happiness of the community; and of this petition I here insert 
 as complete an abstract as I can frame. The substance of this very ex¬ 
 traordinary document was as follows. It was presented to the Commons 
 by Lord Folkstone, and to the Lords by Earl Stanhope. 
 
 “ It sets forth— 
 
 “ 1. That the petitioner, having contributed both in purse and person to 
 the maintenance of the State, had a right to expect protection of person 
 and property in return ; but that, instead of this, he is ruined by an act of 
 the parliament. 
 
 “ 2. That he imputes no intentional wrong-doing, but grievous error to 
 the Government; yet he hopes the Government will not change error into 
 injustice by persevering in it. 
 
 “ 3. That the petitioner’s ruin, as well as that of thousands of other 
 persons, arose from Peel’s bill for returning to cash payments ; but that 
 few cases can exceed his in hardship. 
 
 “ 4. That the petitioner and his father were wine merchants, and made a 
 largo fortune, with part of which, in 1811 and 1812, they bought land. 
 
 “5. That they bought the estate of Northaw, in Herefordshire, for 
 £62,000, and laid out £10,000 more in improvements, investing in all 
 £72,000. 
 
 “ 6. That in 1812 they bargained with John A. Trenchard, Doctor of 
 Divinity, for the estate of Pontrylas, for which they agreed to give 
 £60,000, paying £5555 as a deposit. That the title not being satisfactory 
 the result was a suit at law, which was not decided until 1819, when judg¬ 
 ment went against them, awarding a gross sum of £71,957 19s. 5 d. to Dr. 
 Trenchard, being purchase-money and interest. 
 
 “ 7. That in the mean time, petitioners had experienced heavy losses 
 in trade, and could not pay this sum ; and, therefore, gave Dr. Trenchard 
 a mortgage on both the estates of Northaw and Pontrylas for £65,000. 
 
 “ 8. That after 1819, when the suit ended, petitioner and his father paid 
 £5000 in part of the debt, and £8000 interest up to 1821. 
 
 “9. That on the suit ending in 1819, they received up to 1821, out of 
 the estate, for rent and wood, £3410. 
 
 “ 10. That in July, 1821, the two estates.were offered for sale, but would 
 not bring the sum for which they were mortgaged. 
 
 “11. That in 1821 petitioner and his father were bankrupts. 
 
 “12. That Dr. Trenchard then got possession of both estates, and gave 
 notice to foreclose the mortgage. 
 
 “ 13. That petitioner and his father thus actually paid Trenchard 
 £18,555, and have only received out of the estate £3410: and they are 
 
10 
 
 now about to lose both the estates of Pontrylas and Northaw; the last of 
 which cost £72,000. 
 
 “ 14. That Trenchard, on the other hand, has received in cash £18,555 
 with all the rents of Pontrylas from 1812 to 1819, and that he is now 
 about to get the two estates , with all arrears of rent from February 1820, 
 in lieu of his debt of £60,000. 
 
 “ 15. That petitioner’s assignees are praying the Court of Chancery not 
 to al\ow this ; for that, if it be granted, the result will be that Dr. Tren¬ 
 chard will have received all the rents and profits of Pontrylas estate, ex¬ 
 cept for two years, £1470 for timber, £18,555 in cash from the petitioner, 
 and in addition to his own original estate of Pontrylas, he will also have 
 got the other estate of Northaw , which cost £72,000. 
 
 “ 16. That petitioner and his father had other estates in Middlesex, 
 Essex, and Hampshire, which cost £36,000, but have now been sold for 
 £12,000 ! That by the depression in trade they became bankrupts. That 
 petitioner’s father died in 1822, of a broken heart, and that he is himself 
 a ruined man, with seven children of his own, ten of his brother’s, and 
 seven of his sister’s, all depending on him. 
 
 “ 17. That petitioner, therefore, prays for an equitable adjustment of 
 this and all similar contracts. 
 
 “This petition was that of Charles Andrew Thompson, of Chiswick, in 
 the county of Middlesex, and is certainly calculated to tear in pieces, 
 almost, the heart of every just and sensible man that reads it. What 
 effect it produced upon Peel, Ricardo, and the Houses I cannot say; but 
 the country throughout was in a state of deep agitation, and remonstrance 
 after remonstrance poured in upon the legislature. At last Mr. Western, 
 one of the members for Essex, a man of good talents, gave notice of a 
 motion for ‘inquiry’ into the state of the country, and into the distress 
 that now seemed to threaten a convulsion. This notice probably decided 
 the ministers. Mr. Western’s motion could not be stopped. It was, 
 therefore, met and negatived, after a long debate of three or four nights, 
 in which a determination amongst the landed interest to have an equitable 
 adjustment of public as well as private contracts (including, of course, the 
 debt), was more than hinted at. The negative vote, however, was only 
 obtained by a total virtual ‘ throwing overboard’ of Peel’s bill. A short 
 act was hastily smuggled, in silence, through the Houses, which enacted a 
 respite (as the Houses fondly deemed) of the one and two pound notes for 
 eleven years. The rest of Peel’s bill as to cash payments, etc., was left in 
 full force ; but still the prediction of Mr. Cobbett was really fulfilled.” 
 
 The Bank of England at the time declined to avail itself of the 
 privilege of reissuing one and two pound notes, maintained its circu¬ 
 lation throughout 1823 at what it had been in 1822, contracted its 
 loans still further in 1823 and 1824, increasing them, however, in 1825. 
 In December of this latter year an almost unparalleled crisis arose, in 
 the midst of which the accidental discovery of a box containing a 
 quantity of one pound notes, enabled the Bank, by their use “ at the 
 lucky moment,” in the words of one of the directors, to “save the 
 credit of the country,” and, it may be added, to prevent the complete 
 drain of the institution of its “ specie basis.” 
 
 Decline in the Public Revenues. 
 
 But this distress was not alone confined to the people, but extended 
 to the public exchequer. While from 1816 to 1822 inclusive, the 
 money annually applied to the reduction of the public debt averaged 
 over £16,000,000, in 1823 it fell to £7,482,325, and never again rose 
 
11 
 
 above thatamount except in 1824, when it was £10/625,059, after which 
 it steadily fell, reaching £5606 in 1832, with a deficiency of £12,000,000 
 in the six years from 1837 to 1842 inclusive. Indeed since reaching 
 a “ specie basis” in 1823, Great Britain has practically ceased to pay off 
 her public debt, and to this end must we ourselves unquestionably come 
 should our government be guilty of the folly now urged upon it by 
 “ a combination of usurers” (whom Lord Chatham characterized as 
 the cannibals of Change Alley ) “and theorists, one all selfishness and 
 the other all crotchets.” 
 
 In this connection we commend to the thoughtful consideration of 
 the people, of Congress, and of the Executive government, including the 
 President, the following words of a recent able English financial writer 
 and prominent business man : “ To ws,” says the author of “ The Bank 
 Charter Act and the Bate of Interest,”* “ it is indeed a melancholy 
 reflection, and one withal worthy of grave pondering, that when the 
 United States shall return again to a convertible currency, the liqui¬ 
 dation of this national debt must cease. Our own Sinking Fund, de¬ 
 vised for a similar object, we know, ceased to receive any important 
 payments after the abrogation of the Bank Restriction Act. No 
 currency, doubtless, but one that was able to sustain a great war , 
 need be expected to liquidate its cost.” 
 
 “Current Money of the Bealm.” 
 
 Control over the circulating medium—“ the current money of the 
 realm”—is one of the high prerogatives of government, and one 
 which can never safely be delegated ; but inseparably connected with 
 this prerogative is the solemn duty of providing a currency both good 
 in quality and sufficient in amount—neither more nor less than is 
 required by the people. If this principle be recognized, it is manifest 
 that no government does its duty by its people which forces upon them 
 the “ specie basis” because arbitrarily making them dependent upon 
 one of the scarcest commodities in the world, the supply of which is 
 totally inadequate to the wants of mankind, which no country can 
 command at pleasure, and for which a struggle is always taking place 
 among the nations ; it results in instability, and the placing of the 
 people at the mercy of those foreign nations which have the power to 
 draw this “basis” from under them.f In a word, the government 
 
 * London: Simpkin, Marshall & Co., 1873. 
 
 f The utter unreliability of the President’s “basis” as a foundation for a 
 state of civilized society with its immense activities and its precious interests, is 
 completely demonstrated by the following statement from the London Times of 
 October 25, 1873, of the desperate struggle then taking plaee in Europe and 
 elsewhere, to acquire or retain enough “ specie bads” to support the super¬ 
 structure of credit which kings, emperors, and parliaments have time out of 
 mind either ignorantly or criminally forced their subjects to build upon. The 
 Times says :— 
 
 “ The fact that, owing to the inherent soundness of our mercantile con¬ 
 dition, we constitute the centre to which almost all other countries are look¬ 
 ing for relief, renders the immediate future more uncertain than at any pre¬ 
 vious period. We have sent nearly three millions sterling to the United 
 States and Canada ; Germany and Austria have deluged us with securities 
 which the speculators of Berlin and Vienna have found themselves unable 
 to retain ; Spain has not only made default in the heavy amount due us but 
 has obtained by a number of expedients some rather serious advances; 
 
12 
 
 elaiming the prerogative of furnishing 11 the current money of the 
 realm,” and thus acting, forces its unhappy people to use a commodity, 
 the supply of which it makes no attempt and indeed possesses no 
 power whatsoever to insure to those people. In such a case the ques¬ 
 tion ceases to be merely one of a duty to its people, performed or un¬ 
 performed. The government so offending is guilty of clear and manifest 
 injustice, of downright tyranny ! 
 
 “ Money should be a thing of or belonging to a country, not of or 
 belongingto the world, ” and the indebtedness of a great nation is thebest 
 form which can be embodied into a circulating medium for its people. 
 If issued as “current money of the realm” by a responsible govern¬ 
 ment like our own, it possesses those elements which most give value 
 to gold, and being national and not cosmopolitan, is a basis for which 
 there is no competition on the part of other nations. But it should 
 not be furnished arbitrarily in amount, but made issuable as well as 
 fundable at the pleasure of the holders of the government debt—3-65 
 bonds, for instance, interchangeable with currency—for in the words of 
 The New York Mercantile Journal :— 
 
 “ In the Interchangeability (at the option of the holder) of NA¬ 
 TIONAL PAPER MONEY with Government Bonds bearing a 
 FIXED RATE OF INTEREST ’, there is a subtle principle that 
 will regulate the movements of Finance and Commerce as accu¬ 
 rately as the motion of the Steam Engine is regulated by its 
 1 GOVERNOR! Such PAPER MONEY TOKENS would be 
 much nearer perfect measures of value than Gold and Silver ever 
 have been, or ever can be. The use of Gold, or other merchandise, 
 as money, is a barbarism unworthy of the age .” 
 
 Turkey and Egypt are in the midst of endeavors to place the most extensive 
 loans they have ever yet contracted, and the operators on the Paris Bourse, 
 by whom many of the largest recent financial commitments have been en¬ 
 couraged, are now seeking to shift tlieir load ; while in the midst of all the 
 pressure thus created large masses of our own population, so utterly defi¬ 
 cient in prudential inclinations as to be indifferent to the attractions of 7 
 per cent, or any other rate of interest, have month by month absorbed ma¬ 
 terial portions of such gold supplies as have been made. It is true that the 
 securities thus forced upon us, and the gold thus internally absorbed, con¬ 
 stitute a reserve of national wealth which at some future day may help to 
 develop another period of plethora ; but as there is a limit to the amount 
 we can buy of the securities which the needs of distressed nations may 
 throw upon us, as well as to the amount of gold we can scatter among those 
 classes who shorten their productive labor just in proportion to their scat¬ 
 tering, there must come a time when this limit will be made known by the 
 rate charged for the use of the money which all are so eager to obtain. 
 Whether 7 per cent, will be sufficient must remain doubtful so long as each 
 day brings us consignments of stocks and shares from the Continental Bourses, 
 and the New York telegrams fail by decisive exchange quotations to stop 
 the gold tide thither. Last week it appeared as if the capitalists of Berlin 
 were taking heart to buy back some of their recent sales, but the indication 
 was only momentary, and if a rise which seems to be contemplated by the 
 Berlin National Bank in its rate of discount should occur, together with the 
 taking of still more severe measures by the Bank of France, renewed sacri¬ 
 fices may become essential.” 
 
 When silver shall have been fully demonetized, throughout the world, ex¬ 
 cept for subsidiary coinage, the struggle for gold, the production of which 
 has declined since 1863, will be still more fierce, and the “basis” conse¬ 
 quently more ticklish. 
 
Just ready in one vol. 12°. 374 pages. “§^g 
 Paper, $1.00; cloth, $l.SO. 
 
 By the author of the idea of U. S, Notes interconvertible with U. S. Bonds. 
 
 “The most radical hook ever written." 
 
 A 
 
 NEW MONETARY SYSTEM 
 
 THE ONLY MEANS OF 
 
 SECURING THE RESPECTIVE RIGHTS OF LABOR 
 AND PROPERTY, 
 
 AND OF 
 
 PROTECTING THE PUBLIC PROM FINANCIAL REVULSIONS. 
 
 BY 
 
 EDWARD KELLOGG. 
 
 REVISED FROM HIS WORK ON “LABOR AND OTHER CAPITAL,” 
 WITH NUMEROUS ADDITIONS FROM HIS MANUSCRIPTS. 
 
 EDITED BY HIS DAUGHTER, 
 
 IMI-A-ZE^LT KELLOGG iF’TTTIsILA.IM:. 
 
 FIFTH EDITION, 
 
 TO WHICH IS PREFIXED A BIOGRAPHICAL SKETCH OF THE AUTHOR. 
 
 PHILADELPHIA: 
 
 HENRY CAREY BAIRD & CO., 
 
 INDUSTRIAL PUBLISHERS, 
 
 810 Walnut Street. 
 
 LONDON: 
 
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 Crown Buildings, 188 Fleet Stbeet. 
 
 . 1875. 
 
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 CONTENTS. 
 
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