But, though the heavens may again smile upon us, there are evils of
man’s creation which may not be so speedily removed, unless the nation
can be brought to a clear sense of the predicament in which they have
been placed by the insensate obstinacy and insatiable conceit of one
minister, who, though ejected from office, is yet powerful in the
councils of the empire. We cannot explain, because we do not understand,
the nature of that mysterious and undefinable power which Sir Robert
Peel seems to exercise over the proceedings of the present cabinet. We
do not know the secret composition of the philtre, or love-potion, which
he appears to have given to the Whigs; but we have seen quite enough in
the recent discussions in parliament with regard to the monetary
pressure which is now in the act of crushing and grinding to dust many
thousands of the commercial and industrious classes, to be aware that
the Russell ministry are entirely at one with Sir Robert in the
maintenance of his favourite crotchet, and that they are prepared to
abide by his delusion with regard to the currency, be the consequences
to the country what they may.
This question of the currency is at once so vast, and so vital to the
interests of every man who has any stake at all in the community--it
presents itself at this moment in so alarming, and yet so palpable a
shape--that we would be inexcusable were we to remain silent at a crisis
when the evils of circumscribed credit and bank restriction are driving
the honest trader into the Gazette. Long before the late premier had
absolved us, by his unprincipled tergiversation, from all ties of party
and support, we sedulously and earnestly protested against his perpetual
meddling and tampering with the circulation of the country. In
particular we were amongst the first to oppose his wanton, because
uncalled for interference with the Scottish Banking System, under the
operation of which the country had advanced, without risk or injury, at
a ratio which probably never was equalled, and which certainly never was
exceeded. We then warned, not only the bankers, but our national
representatives, and the public, that if they permitted one single wedge
to be driven into the fabric, the stability of the whole was endangered;
and we showed that the retention of our one-pound note circulation was,
though an important item of profit to the bankers, and of convenience to
the public, of little consequence compared with the results which must
ensue, if the circulation of the banks was arbitrarily limited, and all
extension of credit made to depend upon the possession, or rather the
purchase, of a large sum of useless and unprofitable bullion, which, so
far from increasing the wealth of the country, must inevitably render it
powerless in the event of a commercial panic. We believed then, and we
believe now, that history does not afford a parallel instance of so
reckless and shameful a disregard of public feeling and opinion on the
Public-domain text, read in full here on John Shaqi.
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