000 l., and afterwards to
the amount of 9,000,000 l., making in all 27,000.000 l.; and he says that
the revenue now produces, in a sound currency, as great an amount as it
produced in a depreciated currency; that is to say, that it produces now
a sum, in sound currency, which, in paper currency, would amount to
80,000,000 l. sterling. Those persons who consume the articles which
produce the revenue, must be able to purchase them, or the revenue could
not exist. The increase of the revenue is a proof, then, that
consumption has increased full one-third since the time when the taxes
were reduced. It is utterly impossible that a country in which, within a
period of fifteen years, the revenue has risen one-third, can be
suffering universal and unexampled distress. The noble Lord has thought
proper to refer the distress to a deficient circulation, and he
recommends a system which he thinks would remedy the evil. Now, I will
tell the noble Earl that the largest amount of currency in circulation,
at any time during the Bank Restriction Act, was 65,000,000 l. sterling.
The Bank of England notes were 20,000,000 l.; country bank paper,
23,000,000 l.; gold, 4,000,000 l.; and, silver, 7,000,000 l. But, in 1830,
the amount of Bank of England paper in circulation is 19,900,000 l.; and,
of country bank paper, 9,200,000 l.; of gold, 28,000,000 l.; and, of
silver. 8,000,000 l.; making a total of 65,000,000 l. It is certain,
therefore, that there is more money in circulation now, than there was
at any period of the Bank restriction. There can be no want, therefore,
of more currency. The noble Earl says he wants an extended currency; but
what he, in fact, wants, is not an extended currency, but an unlimited
currency. He would give an unlimited power to certain individuals, not
to the Crown, to coin as much money as they please. The noble Lord wants
to give them the power of lending capital to whomsoever they might think
proper thus to indulge. That is what the noble Lord recommends, but that
is what, I say, cannot be allowed, without bringing the country again to
the brink of ruin, from which it was extricated in the year 1826.

The noble Lord tells you that, heretofore, a farmer, with a good stock,
was able to borrow capital to carry on his business; but that now, let
his corn-yard be ever so full, he cannot borrow a shilling, because the
banker has not the power of giving him one-pound notes. The noble Lord
says--the banker gets no inter