さ no doubt, of the "caitiffs," who, pay its notes, if called upon. He in that town, carry on the farce of said, if the people begin to dis 'purity of election," and who trust the Bank, they will run for are constantly employed in endea- gold; and, if they do this, away vours to get at a share of the goes the bubble; away goes Bank pickings out of the public granary. But, hang the "rascals:" let us and away go boroughmongers." The distrust arose the next year; leave them, and come to our sub-the run for gold took place; the jeet; namely, the proof, that your Bill has not been carried into full effect the i ་་་ Bank could not pay; but, the bubble remained; the Bank and the boroughmongers did not go. Yet, was this opinion of Mr. PAINE falsified? Oh, no! For, who was " I may observe, that, if the Bill had gone into full effect, we must have waited to see the conse quences, before we pronounced have been found to propose, a F to expect, that a Ministry would ་་ the opinion to have been falsified; Parliament to sanction, and a for, what was clearly the meaning people to endure "Bank-restricof my words? Why, that it was tion?" Therefore, even if your impossible to carry the Bill into Bill had been carried into full full effect without producing effects effect, we must have looked to before we pro have said, it is impossible that 1796, that the Bank could not execute them without producing f something so destructive as to dreadful mischiefs in the country, make it monstrously foolish or without producing confusion, and, wicked to think of doing or executing them. I once, in writing to a person, and upon this very sub finally, a blowing up of the Government itself. Now, this, as far as the Bill ject too, observed, "When I say has gone, has been the effect of "that they cannot do it, you will it. This is notorious; and, there-"understand, of course, that I “mean, that they can do it; but fore, I assert with truth clearly on my side, that even if the Bill had "that, they cannot do it without been carried into full effect, the 66 producing something very much prediction would not have been "like their own destruction." I say, avfalsified. But, it has s been carried that you cannot swallow fire. 1 into full effect. It has not been know I you can swallow fire; but, my repealed expressly. No law has Mosavethat Peel's meaning is that you cannot swal- been passed to say, low fire without destroying your Bill should be repealed, or that of ageBill any part of it should be repealed; self. In short, that which is mani festly against right, against reaof thi Is son, against the interest of the parties who are to act, and evi but laws have been passed to nul lify your Bill; to render it of now effect; to prevent its principal. object from being accomplished; dently calculated to produce the Jo notify destruction of of themselves and and what is it to me whether tha all belonging to them, we say Bill be repealed by name, or set is impossible; though we know aside without being named ? that the thing may be done; I observed once before, that the that it is within the power of the SMALL NOTE BILL passed in parties to do it. My meaning 1822; that the Small Note Bilf clearly was, that it was impos-passed last year: I observed once sible to carry the Bill into full before that this Bill was, in fact, effect without producing most a repeal of your Bill in part; and that it would necessarily lessen the any further, let us have before us fall of prices, which I had ex- the full, true, and curious history. pected to take place immediately of this Bill. after the first of May 1823. Be 2 fore the passing of the Small Note Bill, I always told my readers to look out sharp for the month of May 1823, when the country rag men would be compelled to pay their eash in gold. The Small Note Bill made an alteration in In the year 1775 (we go a great, way back), an Act was passed to restrain the issuing of small promissory notes and bills of exchange. The preamble of this Bill says, "Whereas various notes, &c. "&c. have for some time past been circulated in lieu of cash to the the prospect. It procured a little" great prejudice of His Majesty's respite for the THING. I shall subjects." The Bill goes on show by-and-by how this Small then to inflict pecuniary penalties Note Bill works, how the rag fel- for the issuing of such small notes, lows put it forth as a sort of legal this Act is chap. 51, year 15, of tender Bill; I shall show how it Geo. 3. Two years afterwards; works as a respite; and, if I can 17 Geo. 3. chap. 30. another Act: find time, I will show that it can- was passed, recapitulating the not prevent the ultimate blowing enactments of the other Act, then up of the bubble; I shall show declaring, that "Whereas the said, that it only blunts the edge of your" Act hath been attended with very scythe, and does not permit it to" salutary effects." The Bill then cut quite so fast as it would have cut; I shall show that it cannot save the everlasting curse from destruction; I shall show that it cannot prevent the jews and job bers from having the estates of the goes on to enact that no promissory note shall be issued for an amount under five pounds, and to make all such notes void, and then to inflict penalties for issuing such notes. In the year 1787; that is, jolterheads: but, before we go in the twenty-seventh year of the late "good old King," an Act] neficial to His Majesty's sub(chap. 16. of that year) was passed jects! to make the two former Acts per- Now then, what was this done petual, because "the said Acts for? Why, because the Bank have been found to be useful had no gold to pay with. It was and beneficial." in the year 1797; the thirtyVery well, then; so far so good. seventh year of the "good old People were in the habit of issuing King," chap. 32, of that year. small notes, an Act was passed to It was absolutely necessary to set prevent this, in the fifteenth year these salutary, useful and beneof the "good old King." That ficial laws aside; because a law Act having been found to be "very was now passed to protect the salutary,” another Act was passed in the seventeenth year of the “good old King,” in order to push this salutary restraint somewhat out the other. In short, if these further. The Acts were passed for a limited time; but in the twenty-seventh year of the "good old King" they were made per petual, because they had been Bank against the note-holders that came for gold and silver. It was useless to pass one Act with salutary laws about small notes had not been suspended, there must have been an instant blow up; for there would have been no money at all to circulate... This suspension or setting aside, having once taken place, it was necessarily continued... First it was passed for six weeks; then, for two or three months; then to the end of that session of Parlia ment, then to the beginning of the next session, and soon after that salutary and so useful and be- it was suspended until six months after the termination of the then however, have the Act itself. They war. Well, peace came in 1802; dropt all mention of the Act passed and then the suspension was con- in, the fifteenth year of the late tinued again for a year; and, in King's reign; and, indeed, it was short, they went on suspending not necessary to mention it; betill March 1805, when they passed cause, by prohibiting, the issue a Bill to suspend further until six of all notes under five pounds, onths after the termination of the the issuing of one pound notes then war. The then war having was necessarily included. Let us ware terminated in 1814, the suspen- have the Small Note Act, word towe sion was a was again continued until for word. It is a little thing but 1816. In this year, the fifty-sixth a thing of very great importance, year of the good old King, the and one that we shall have freAct was revived and continued quently to revert tools as again; but not now for any fixedSMALL NOTE ACTING period but UNTIL TWO" Whereas an Act was passed "YEARS AFTER THE EX-in, the, seventeenth year of the "PIRATION OF THE RE- reign of his late Majesty king STRICTION UPON PAY George the Third, for restrain"MENTS IN CASH BY THE "BANK OF ENGLAND," 10′ Now, 7, also; or, at least in the previous Act, a very material altera ing, for a limited time, theɔnegociation of Promissory Notes and Inland Bills of Exchange for twenty shillings, or any şum 45 tion took place, if it be possible, of money above, that suir, and really and truly to understand these Agts, piled on upon one another in the manner in which they are continuing,reciting, doubled up and doubled down, as they everlastingly are. Let us, under five pounds. And where15 as the said Act was, by an Act passed in the twenty-seventh year of the reign of his said late Majesty, made perpetual; And whereas by an act passed in 4 |