718 
a manner almost free from all present risk 
to their respect ive credits as dealers in pa- 
per money, issues of that article to the 
amount of several millions, operating, in 
the first instance and in their hands, as 
capital for their own benefit, and when used 
as such by them, falling into and in Suc- 
cession mixing itself with the mass of cir- 
culation of which the value in exchange 
for all other commodities is gradually bie 
ered in proportion as that mass is aug- 
mented. If your committee could be of 
opinion that the wisdom of parliament 
would not be directed to apply a proper 
remedy to a state of thingsso unnatural, 
and teeming, if not corrected in time, with 
ultimate Minis wali wise, paejudicia! to the 
public welfare, they would not hesitate to 
declare an opinion, that some.mode ought 
to be derived of enabling the state to par- 
ticipate much more largely in the profits 
accruing from the present system ; but as 
this is by no means the policy they wish to ~ 
recommend, they will conclude their ob- 
servations on this part of the subject, by 
observing, that in proportion as they most 
fully agree with Dr. Adam Smith and all 
the most able writers and statesmen of this 
country, in considering a paper circulation 
constantly convertible into specie, as one 
of the greatest practical improvements 
which can be made in the political and do- 
mestic economy of any state ; and in view- 
ing the establishment of the country banks 
issuing such paper as a most valuable and 
essential branchof that improvement in this 
kingdom ; in the same proportion, is your 
committee anxious to revert, as speedily 
as possible, to the former practice and state 
of things in this respect: convinced on the 
one hand, that any thing like a permanent 
and systematic departure from that prac- 
tice must ultimately lead te results, which - 
among other attendant calamities, would 
be destructive of the system itself; and 
on the other, that. such an event would be 
the more to be deprecated, as it is only in 
a country like this, where good faith, both 
_ public and private, is held so bigh, and 
where, under the happy union of liberty 
and law, property and the securities of 
every description by which it is represented 
. are equally protected against the eneroach- 
ments of power and the violence of popular 
eommotion, that the advantages of this 
system, unaccompanied with any. of its 
dangers, can be permanently enjoyed, and 
carried to their fullest extent. 
Upon a review of allthe facts and rea- 
sonings which have been suymitted to the 
consideration of your committee m the 
course of their enquiry, they have formed 
an opinion, which they submit to the 
house :—that there is at present an excess 
_ inthe paper circulation ot this country, of 
whieh the most unequivocal symptom is 
Repori of the Select Committee’ 
the very high price of bullion, and next to 
that, the low state of the continental ex- 
changes; that this excess is to be ascribed 
to the want of a sufficient check and con- 
trol in the issues of paper from the bank 
of England ; and originally, to the suspen- 
sion of cash payments, which removed the 
natural and true control. For upon a ge- 
neral view of the subject, your committee 
are of opinion, that no safe, certain and 
constantly adequate provision against an 
excess of paper curreucy, either occasional 
or permanent, can be found, except in the 
convertibility of all such paper into specie. 
Your committee cannot, therefore, but see 
reason to regret, that the suspension of cash 
payments, which, in the most favourable 
light in which it can be viewed, was only a 
temporary measure, has been continued se 
long ; and particularly, that by the man- 
ner in which the present continuing act is 
framed, the character should have been 
given to itof a. permanent war measure. 
Your committee conceive that it would 
be superfluous to point, out in detail, the 
disadvantages which must result to the 
country, from any such general excess of 
currency as lowers its relative value. 
The effect of such an augmentation of 
prices upon all money transactions for 
time; the unavoidable injury suffered by 
annuitants, and by creditors of every de- 
scription, both private and public; the 
unintended advantage gained by govern- 
meut and all other debtors; are conse- 
quences too obvious to require proof, and 
too repugnant to justice to be left with- 
out remedy. By far the most important 
portion of this effect appears to your 
coinmittee to be that which is communi- 
cated to the wages of common country 
labour, the rate of which, it is well known, 
adapts itself more slowly to the changes 
which happen in the vaiue of money, than 
the price of any other species of Jabour or 
commodity. And it is enough for your 
committee to allude to some classes of the 
public servants, whose pay, ifoence raised 
in consequence of a depreciation of money, 
cannot so conveniently be reduced again to 
its tormer rate, even after money shall 
have recovered its value. The future pro- 
gress of these inconveniencies and evils, if 
not checked, must at no great distance of 
time, work a practical conviclion upon the 
minds of ail those who may still doubt 
their existence ; but even if their progres 
sive increase were less probable than it 
appears to your committee, they cannot 
he!p expressing an opinion, that the in~ 
tegrity and honour of parliament are con~- 
eerned, not to authorise, longer than is 
required by imperious necessity, the con- 
tinuance in this great commercial country 
of a system of circulation, in which that 
natural check or controu! is absent which 
Maintains 
