all. We are not to look merely to the interests of the cotton
manufacturers, or of the iron manufacturers. That which we are bound to
consider is the benefit of all; and, in my opinion, the common good will
be most effectually secured, by getting the greatest quantity of
provisions for the whole community,--by giving a proper remuneration to
those who produce such provisions,--and thus encouraging them to do that
which is most beneficial to the community at large.

_March 29, 1830._

* * * * *

_How far the principle of Equitable Adjustment should be carried._

The noble Lord (Viscount Goderich), speaking with his usual candour on
the subject of the equitable adjustment, admitted the existence of an
increase of price during some years of the war generally, and
consequently of public expense and of debt, to the amount of 20 per
cent, in consequence of the depreciation of the currency; and he has
made a calculation of a supposed equitable adjustment, founded upon his
estimate of the expense of the war for some years, and of the debt
created by the excess of price. It is true that there was a very large
increase of prices in England during the war; that this increase of
prices increased the expense of the war; and the amount of debt
successively raised. But it is not true that the excess of prices was
occasioned solely by the paper currency. Many other circumstances
occasioned it; and in my opinion, my noble friend has admitted too much
in admitting that the annual payment on account of the debt has been
increased to the amount of 3,500,000 l. in consequence of the paper money
circulated during the war.

Having frequently heard of an equitable adjustment, which, however, is
absolutely impracticable as a measure to be applied solely to the
national creditor, it has always appeared to me, that such an
arrangement could be calculated only on the foundation of the difference
between the currency, or the market price of gold, and the mint price of
gold, at the period at which the Bank restriction was repealed, or in
the year 1812. That difference was at that period about 4 per cent; or
the difference between 3l. 17s. 10-1/2d., and 4l. 1s. The annual payment
on account of the debt at that time, amounted to about 30,000,000 l.
sterling; upon which what is called an equitable adjustment might, at
that time, have been made to the amount of 5 per cent., or 1,200,000 l.
In making this supposed equ