* * * * * _Defence of a Metallic Currency_. I always have maintained, and I always shall maintain, that the only proper basis of our money system is a solid gold circulation. Upon that basis I considered our monetary system fixed since the measure of 1819, followed up as that was by improvements in 1826: I really think the principle of those measures the best that can be applied to our circulation. Detailed payments being made in gold, the larger payments might be made in paper, and depend on credit; the true support of the credit of whatever paper might be in circulation being, that it was liable to be paid in gold on demand at any time, at the bank of England, or at the branch-banks of the bank of England; so that, if any man chose not to give credit to the bank of England, he had only to demand gold for his paper; or any creditor might, at once, demand from his debtor payment in solid coin. That however will, to a certain extent, not be the case under this bill. I am aware that, eventually, the holder of the paper can repair to the bank of England and demand gold as heretofore; and must, therefore give credit to somebody for the amount. That I consider a depreciation of the paper of the bank of England. It is a depreciation to which if I had been a bank director, I would never have consented; indeed, I cannot understand why the bank agreed to this proposition. I am persuaded that, ere long, great inconveniences will occur from the provision; and those inconveniences will be felt in a depreciation of bank paper. What is the object of the arrangement? It is either intended to give the bank a power of issuing paper which, under the existing system, it does not possess, or to facilitate credit generally throughout the country, and enable the country banks to undertake operations which they could not otherwise attempt. It is evident that the noble earl himself sees that the consequence will be to facilitate and increase the issues of the country banks. That will augment all transactions; and the result must be a great increase of prices, and the ruin of many individuals. Nothing of this kind would happen, if the present system were continued; namely, if the bank of England continued to issue the number of its notes which the necessity of the public might seem to require; and by the regularity of its proceedings give such a check to the issues of the country banks, as should be calculated to establish a sound and healthy circulation. Under the existing system, the bank would proceed so as to prevent the country banks from giving credit, except in cases which justified the accommodation, and the circulation and commerce of the country would continue in a wholesome state. _August_ 23, 1833. * * * * * _The Duke of Wellington's reasons for supporting the Poor Law Amendment Bill_.