but Persian and Arabic (though they would certainly still be a great acquisition in every judge) have little more connexion with these dialects, than English has with Chinese.

Moreover, it ought to be part of the Company's plan to make the natives of India Christians, and they cannot be Christians, except in name, till they know something of the history of Europe, and of the west of Asia; and this they can only do, without much difficulty, by the means of the English language and literature.

Do not suppose from what I have just said, I have the least wish to see British laws introduced generally into India. They have been tried at the Presidencies, and certainly have not been found to answer. Hundreds of families at Calcutta and Madras, which were, forty or fifty years ago, comfortable and contented, have since then been set by the ears, brother against brother, in the King's courts, and, after years of litigation, have found they have spent twenty times the amount of the sum originally in dispute in law charges. The greatest misfortune that has happened to India in the last twenty years, is the large importation of attorneys which has taken place during that period. In Calcutta, in 1811, there were eleven or twelve attorneys on the list; now there are, I hear, upwards of sixty!! During all that time, the population and wealth of the place has been stationary, if it has not retrograded ; while in the mofussil* generally, I think, there has been some improvement. Such are the effects of British Justice, or rather of what lawyers call "the glorious uncertainty of the law."

I confess I do not see how this evil is now to be remedied: the natives, I hope, will get wiser ere long, and come to think, that a suit in one of the Supreme Courts neither adds to their respectability nor comfort.

tion being made over to his Majesty's Ministers, whose attention, while in office, must be chiefly turned to other matters, and their continuing there very uncertain. This is the more necessary, from the fact, that in the House of Commons, men who have returned from India without much knowledge of the natives, and others, who, from the way in which they speak of India, scarcely know as much of its inhabitants as I know of the people in Lapland, are ready to legislate for the millions of Hindoostan, as if their concerns were not of more importance than those of half-a-dozen sansculottes in a village in the county of Clare. In confirmation of this remark, I refer to the reports of the discussions on the "Elephant Letter," the ground-work of which is correct, in my opinion, though the style of it certainly is not in its favour.

I have met a great many men here well acquainted with every thing concerning India; but people generally care, I think, less about our interests after they return from Hindoostan, than you would expect. It must be well known, for instance, to all who have been in India, that there is often great delay in obtaining justice in the Zillah Courts; yet, when the Company's affairs come under review, no one will probably attempt to effect an amendment in the practice of these Courts, though there will be many ready to advocate the interests of the merchants of England and those of the Company; the Directors' patronage, too, will not be lost sight of, nor will there be wanting many who would give the natives of India" the blessing of great price -British laws;" but reverting to the practice of the Zillah Courts, I may mention, as you have not had much to do with them, that, shortly before leaving India, I obtained probate of the will of a deceased friend, part of whose property consisted of debts due from sundry persons residing in the Zillah of

On writing to

brought to an immediate hearing, they would not, in the regular course of business, be tried in less than two years!

A Free Press in India, is a subject requiring too much consideration to be brought in at the tail of a long letter. All the people here are advocates for it, yet nothing is more impracticable, as the Anglo-Indian government must for long continue to be constituted. Suppose, for instance, that A, a stanch radical, is allowed to go out to Bombay; that he sets a newspaper agoing there; that he abuses the Governor of Bombay, the Governor-General, and all the other functionaries-his papers find their way immediately to Lucknow, Hyderabad, and the seats of all the other native governments, and are there translated into Persian or Hindoostanee. The native princes in these cities are despotic, and examine the motives and conduct of the English governors by the rules they adopt for their own. They see that A, a parvenu, tells the Governor-General that he is what the French call an innocent, that under his management every thing is going to ruin, and that still the Governor-General does not take steps to get quit of this nuisance: they infer, the Governor-General must be an old wife, as represented,

and that the English government must be going to pieces; it is time for us, therefore, say they, to look out for new alliances, for "sauve qui peut" must be the order of the day; but as for this A, if he were in our hands his fate should be soon decided-it would be,

"Off with his headSo much for Buckingham!" should now be abandoned: The chiefs The Company's silk factories of these establishments, though nominally only commercial agents, are always regarded by the natives as being under the special protection of the judges, and their Dewans do not always exercise their authority in a way to redound to the Company's credit.

In conclusion, I shall be glad to hear that some effectual measures are to be taken to prevent perjury in India, where it does more mischief severity would go a great way to than Europeans can imagine. A little check it; and the loss of a few lives in accomplishing so desirable an object could be more easily defended than the massacre at Barrackpore.

This is a long letter, but as the subject is interesting to us both, I make no apology.

Yours always faithfully,
A. McP.

3 F

VOL. XXVII, NO.CLXVI.

THE appellation of the "Currency Question "has been applied indifferently to both or either of two several and distinct questions, the Adjustment of the Standard of Value, as fixed by an Act of the Legislature in 1819, commonly known as Mr Peel's Bill,-and the Restoration of the Small-note Circulation in England. Each of these questions rests, in reality, upon its own independent merits, though they have been popularly considered as without any material distinction. But there is no principle necessarily involved in the decision upon either question which can bind the supporter, or opponent, of the one, to any particular line of conduct, as regards the other. The

term " Currency Question" was originally employed when the question of the Adjustment of the Standard of Value was brought before Parliament in 1822. And several of the original supporters of this question having since been among the chief defenders of the one pound note circulation, firmly maintaining, at the same time, their opinions with regard to the standard of value, both questions were considered to belong to the same family, and were designated by the same name. The designation is infelicitous, for it conveys no just idea of the essential character of either question, nor, indeed, any definite idea whatsoever. It is only applicable, inasmuch as these questions relate to operations which would be calculated to affect the circulation, or Currency, of the country. But the Joint Stock Bank Question, and the Bank Charter Question, are alike capable of affecting the circulation, and might, with equal propriety, be comprised in the sweeping appellation, the " Currency Question."

We shall here take leave to request our readers, our "Constant Readers," not to suffer themselves to be prejudiced by the unpromising title prefixed to these observations, and to shrink in dismay from the anticipated labour of perusing a paper, not even professing to present more than dry discussion upon matters almost proverbial as dull and

barren of interest. If they will so far condescend as to accompany us in our brief excursion, although the path we propose to follow does not promise many flowers, it will be found plain and easy, and some portion of useful information may be obtained by the way.

Ably as the subject of the Adjustment of the Standard of Value has been discussed in Parliament, and thoroughly as its various bearings have been there investigated, the public generally have had very limited opportunities of becoming acquainted with the merits of the case. Till within the last two or three years, the Currency Question was popularly regarded as a matter of incomprehensible mystery. Many turned from it in despair, as entirely beyond the sphere of their knowledge and the range of their facul ties. And many others, who had obtained some insight into the practical working of the Currency, found the small light which they possessed, sufficient to shew in obscure, and, therefore, exaggerated, magnitude, difficulties which were to be encountered, but not adequate to display the real nature of those difficulties, or to shew the means of avoiding or overcoming them. There are several causes to whose action this general deficiency of information may be fairly ascribed. The newspapers, which ordinarily represent, with a tolerable degree of accuracy, the substance of the debates in Parliament, appeared, while this subject was under discussion, to be affected with a sudden suspen. sion of their reporting faculties, and became suddenly non-conductors, or at least very imperfect conductors, of the sentiments which were uttered in the House of Commons. In the more elaborate and precise records of Parliamentary debates those discussions are preserved, but the circulation of those records is not extended in proportion to their merits and utility. Why the debates on this subject have not been more accurately reported, or reported with one-sided accuracy, in the daily papers, is not here material: the fact,

however, is notorious and undeniable. Thus the most important deliberations which occupied the attention of the House of Commons in 1822, presenting, as given in Hansard's Debates, a body of detailed and ample information, accompanied with sound and clear argumentative statements, fully elucidating this much agitated question, were never fully or fairly reported in those channels of information to which only the public have access. Nor did those whose knowledge was equal to the task, develope and explain their views to popular apprehension, by other publications. Consequently the Currency has been exclusively a Parliamentary question.

In the absence of any fair explanatory statements, all those worthy persons who shrink from the labour of independent enquiry, and are generally willing to adopt the opinions promulgated by certain men whom they are disposed to recognise as authorities, have been imbued with notions hostile to the Adjustment of the Standard of Value. Though the supporters of Adjustment have confined their exertions to Parliament, their adversaries have taken a different course, and have profited by the inactivity of the adjustment party, misrepresenting most flagrantly their views and objects. The people have been taught to look upon the "Currency Question as pregnant with evils of a deep and fearful description. "Unlimited circulation," "insolvent bankers," "assignats," tional bankruptcy;" these are a few of the calamities which were averred to be lurking at the bottom of that Pandora's box, the "Currency Question." Who would venture to lay open this repertory of mischiefs? Discussion even was deprecated as dangerous on such a subject; enquiry was condemned as destructive. By means such as these the understanding of the public has been abused. Assailed, directly and indirectly, by ridiculous falsehoods, and base insinuations, Truth herself might for a time be obscured by the arts of her interested enemies. And it is

na

no slight proof of the soundness of the opinions entertained by those who advocate the adjustment of the standard, that, not only has the justice of their chief positions been ad

mitted by all who have candidly and fairly examined the arguments on either side, but that the people also begin to see through the misrepresentations by which they have been deluded, and to attribute their protracted sufferings to this the chief cause capable of producing them. There is a general and increasing dis position to refer to the mal-adjustment of the standard of value in 1819, and to the measure of abolishing the Small-note circulation, as intimately connected with the disasters of the country. And as notice has been given, that in the course of the present month the subject of the Currency will be brought forward in the House of Lords by Earl Stanhope, and in the House of Commons by Mr Attwood, this appears to be not an unsuitable opportunity for executing a long contemplated plan,-to explain the present position of the Currency Question, (distinguishing the two questions which, as before stated, pass under that name, and applying ourselves mainly to the Adjustment of the Standard, that being the question coming before Parlia ment,) and to offer a brief sketch of the leading arguments which bear upon the subject. The increasing importance which this question as sumes, will excuse the devotion of some space to such an object. And from this statement our readers will be better able to comprehend the ensuing discussions. Many will doubtless be not a little surprised to find the real proposition, and its consequences, if acted on, totally dif ferent from the deformed creature of their imaginations.

Laying aside, as immaterial to our present object, all controversy as to the policy or impolicy, the justice or injustice, of the original Bank Restriction Act, it is for us to consider that measure only in its effects. But in so doing, we wish by no means to convey any idea of our concurrence in certain animadversions which have been directed against that measure by several of the mercenary politicians of the day, (the application of this phrase will scarcely be mistaken,) who, while Mr Pitt controlled the energies, and directed the policy, of this country, moved in the subordinate situations adapted to their several capacities. These men,

the clerks and under secretaries, when statesmen of talent and independence filled the important offices of the government, having risen, in ministries composed of clerks, to secretaryships and presidencies, cavil at the bygone ministers at whose orders their pens were formerly mended, and their votes regulated. The character of the Bank Restriction Act, when that Act shall become a question for the historian to submit to the judgment of posterity, must be adjudicated upon considerations of high and general importance. We have observed with much pleasure, in a recent speech of Sir R. Vyvyan's, a just appreciation of the leading principles by which that judgment will be directed.

To return to the more immediate subject. During the period of the Bank Restriction, the currency be came depreciated from 30 to 50 per cent, estimating the depreciation by the increase in the average prices of commodities generally. This is Mr Baring's estimate and mode of estimation, as stated by him in the House of Commons in 1829, and on this point Mr Baring's is an unexceptionable testimony. By the support and animation given to productive industry by a gradual rise of prices to this extent, the people were enabled to sustain the burdens, of unprecedented magnitude, imposed to supply the necessities of the war. It is scarcely possible to overrate the immense stimulus given to production by the rising of prices consequent on an increasing circulation. "We find," says Hume," that in every kingdom into which money begins to flow in greater abundance than formerly, every thing takes a new face; labour and industry gain life; the merchant becomes more enterprising; the manufacturer more diligent and skilful, and even the farmer follows his plough with greater alacrity and attention."

The tradesman, after laying in his ordinary stock of goods, meets with a ready and a profitable sale; and when he is about to replenish his store, finds that he has to purchase at an advanced price. Again he meets with a sure demand; and again, when he replaces his stock, the price has been raised. He will now take a larger quantity of goods, to provide against

the constant augmentation of price; and the success of this operation induces him to repeat it upon a still larger scale. In such a state of things credit becomes extended, and a general and well-founded confidence in pecuniary engagements prevails. There is a ready sale, and the manufacturer and merchant can depend on disposing of their goods or consignments, to provide for their liabilities. It is true, that the rise in prices is produced by the depreciation in the currency; but the money which the dealer, or merchant, receives, is such as is available to discharge his engagements, and the high price is required to enable him to pay the higher taxes required for the service of the state. Such was the operation of depreciation.

The Ministers who were in power at the termination of the war, regarded the Bank Restriction Act as a portion of the war establishment, to be laid on the shelf with other supernumeraries, the necessity for its active services no longer existing. No one ever considered, that the duties, for the discharge of which this mighty machine was employed during the war, did not cease with the war, but were permanent. Towards the close of the war, the aid of the Bank Restriction was requisite, not only to enable us to support increa sing burdens, but to bear those already fixed for ever on our shoulders. With our armed force we might dispense, for our enemies in the flesh were disposed of. But the Bank Restriction was the powerful and faithful ally, by whose assistance only we were rendered capable of coping with a more inveterate enemy, the National Debt. We maintained an equal contest against our foreign foe and Domestic Debt, and the former having ceded the field, had our undivided efforts been applied to reduce the latter, we might have hoped for speedy relief from our encumbrance. The sum no longer required for the expenses of the war, might have been employed in the reduction of the Debt. At the termination of the war, however, measures of preparation for giving up the Bank Restriction were taken, and for restoring the currency to precisely the same state in which it was before the adoption of the Bank