part of any statesman; and the confidence and perseverance with which
Sir Robert Peel proceeded to thrust his measure down the throats of the
Scottish bankers, was, in our opinion, little less than a deliberate
insult to the country,--because we never can forget this great and
pregnant fact, that no grounds for tangible accusation could be drawn,
or were attempted to be established, from the practical working of the
system. That system was created by a somewhat neglected people for their
own convenience, and without any legislative interference at all. It had
supplied all the necessities of the country, and had been found perfect
in its operation during periods of more than common exigency and
distress. It had stood the test of experience successfully at times when
the monetary system of England had been proved insufficient for the
pressure. It possessed the full confidence of the nation; and yet--we
can hardly write the sentence without a blush--it was surrendered after
a faint opposition, merely because Sir Robert Peel considered himself an
accomplished currency doctor, and was desirous to try the effects of his
_aurum potabile_ upon a sound as well as a sickly subject.
The one-pound notes, however, were spared, and the bankers in some
degree reconciled to the change by the promise of a future monopoly. Had
not that bait been thrown out to them, we can hardly believe it possible
that so unnecessary and unpopular a measure could have been carried at
all, but, the wedge being once inserted, it has since been driven home
to the quick. We appeal now with confidence to the merchants and
manufacturers of Glasgow, Paisley, and Greenock--to the landed gentry,
who are suffering under the tightening of the screw--to the enterprising
tenant, who, under a long lease, is seeking to improve his land--to the
trader, dealer, and shopkeeper of every kind throughout
Scotland--whether they ever experienced such a monetary pressure as the
present. And we ask them further to consider for themselves, and that
very seriously indeed--for an evil too long submitted to may grow beyond
the reach of a remedy--what is the real cause of this distress, and
unparalleled scarcity of money? How is it that, with property of the
most undeniable value on their hands, which they are ready to tender in
security, they cannot by any means whatever obtain their accustomed
credit? And then we ask them to compare the present state of matters
with the past, and point out, if they can, any one period or crisis,
before Sir Robert Peel was pleased of his own accord to substitute his
banking system for that established by the progressive intelligence of
the nation, when money could not be obtained and credit given, at fair
but not exorbitant rates, for good and sufficient security?
Public-domain text, read in full here on John Shaqi.
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