country should render it compatible with the public interest." Even when the restriction was to be removed, the restoration of the old standard of value, and confining it exclusively to gold, was, in the highest degree, inexpedient and injudicious.

I happened to come to London about that time, and was much alarmed at the consequences that would result from such a production as the bullion report, sanctioned by such authority, and resolved to write an answer to it. But before its publication, I thought it right to communicate the tract to the Minister, that he might make any alteration in it that he might judge necessary. He returned the copy with the following

communication:

Letter from the Right Honourable Spencer Perceval to the Right Honourable Sir John Sinclair.

MY DEAR SIR,

Ealing, Sept. 9. 1810.

I have lost no time in running over your pamphlet, which I thank you for having permitted me to peruse. It has given me great satisfaction. I have not time to pay that attention to it which I could wish, but I have noticed in reading it, some circumstances, which I submit to your consideration. You will find them on the margin of the pamphlet. I am, my Dear Sir, yours most truly,

SP. PERCEVAL *.

No tract could be better received by the public, than the one above alluded to. It helped materially to stem the torrent of delusion, which, if it had not been arrested in its progress, would have curtailed the resources of the country, and disabled us from carrying on the war with France. Europe would then have been completely conquered, and England subjected by France. A number of merchants in the city of London, who, from their extensive dealings, were enabled to

ved.

The copy sent to Mr Perceval, with his manuscript remarks, is still preser.

form a correct judgment upon the subject, did the Author the honour of transmitting to him their acknowledgments for the service he had performed to his country in the following flattering terms:

Copy of an Application from several Merchants in London, for translating into French, Sir John Sinclair's Answer to the Report of the Bullion Committee.

Mr John Attersole presents his compliments to Sir John Sinclair; and at the request of Sir Charles Price, and several other merchants, begs leave to offer their best thanks for his "Observations on the Report of the Bullion Committee," which appears to them most admirably adapted to restore confidence, and allay the distrust by which the commercial world has so severely suffered during some few months. Being fully convinced that the prosperity and improvement of national and individual income, can only be secured by an abundance of circulating medium, and that a well-regulated paper currency is, for many reasons, to be preferred to that of the precious metals; and feeling that these positions are very ably stated by Sir John Sinclair, Mr Attersole and his friends are very anxious that the pamphlet should have a most extensive circulation. They therefore request permission to translate it into French, for distribution on the Continent, and also to print an edition to be sent to our principal commercial cities, and to America, in the hope of counteracting the intentions of the foreign and domestic enemies of our commercial prosperity.

Mr John Attersole trusts the national importance of the subject may plead his excuse for the trouble of this communication; and if the request should meet the approbation of Sir John Sinclair, Mr A. would be happy to be allowed a few minutes to explain some other particulars of the plan.

66. Portland Place, 1st October 1810.

When the subject came to be discussed in the House, the debate continued for three days; and as I wished to hear all

that could be said in favour of the report, I postponed stating my sentiments upon it till near the conclusion of the third debate, and then delivered a speech, which was most favourably received by the House *.

Mr Perceval was extremely partial to the Board of Agriculture, and considered it a most useful establishment. He raised the grant for one year from L.3000 to L.5000; and when the Secretary to the Treasury objected to so large an addition as L.2000, the Minister said to him sharply, "I wish most sincerely that all the money we vote were spent as usefully as this will be." Mr Perceval laid it down as a maxim, (and an excellent one it is), "That where any object of great public utility is in question, it is not worth a moment's consideration, whether the expense is L. 3000 per annum, or L.5000, or L.10,000, provided the benefit which the nation receives, will repay the outlay that may be incurred.

In 1797 the planters and merchants connected with some of our West India colonies, and their correspondents at home, were reduced to the greatest distress, and knowing the connexion I had with the former issue of Exchequer bills, applied to me for aid in procuring a similar loan. I interfered in their behalf with Mr Perceval, and induced him to approve of their request. He informed me, that it was with the utmost difficulty that he prevailed on Lord Liverpool to concur in granting the proposed relief, which, however, produced the best consequences, and the loans were all repaid.

During the passing of the regency bill, I had much confidential communication with Mr Perceval, and found him resolute in the determination he had formed, to insist upon re

• The speech, which is a short one, though it enters fully into the subject, is printed in the Appendix, No. IV. In a communication from Mr Vansittart, now Lord Bexley, he strongly recommends its publication. It is of so much importance, that the public should form a right judgment on the subject of the currency, that it is very material that those who had not an opportunity of attending the discussion in the House of Commons, should be enabled to judge of the arguments on which the House decided, by a correct report, and that the sentiments of those who took a leading part in the debates should be preserved."

strictions on the powers of the Regent. From this resolution no consideration would induce him to deviate. I thought him, indeed, unnecessarily obstinate, for he would not even agree to a measure I had suggested, that, after a considerable period of time, the Regent should be authorised to make a certain number of Peers. All parties anticipated that the breach between the future Regent and the Minister was irreparable, and the Opposition considered themselves sure of being intrusted with the government of the country. But when it was represented to the Regent, that there was still a chance of the King's recovery, and what a dreadful scene it would be, if the King recovered, to find his whole Government displaced, new men in office, and new measures adopted, a sense of filial duty, overcame every other consideration; and the Ministers, contrary to all their expectations, were not displaced.

Nothing could have been more fatal to the prosperity of this country than the death of so able a Minister. His views of financial subjects were correct and practicable, and he would not have given encouragement to those theoretical nostrums which have subsequently entailed so much misery on the nation. He was a Minister who might be truly described as possessing a sound head and an upright heart; and when he was unfortunately cut off by the hands of an assassin, he was within a few steps of reaching the highest pitch of political excellence.

VIII.

LORD VISCOUNT CASTLEREAGH, AFTERWARDS MARQUIS

OF LONDONDERRY.

In Lord Castlereagh the agriculturists had a cordial friend; and he likewise appears to have been fully satisfied, that a paper currency, was better adapted to the circumstances of Great Britain, than a metallic circulation. Our agreement in opinion

with respect to these two great branches of politics, gave rise to much friendly intercourse; and, as long as he had any influence in the counsels of the nation, I hoped to see that system established, which, I contended, was essential to the internal prosperity of the country. These hopes were extinguished by his untimely death.

Lord Castlereagh, though a very able man, was not a successful war minister. The management of a war requires great energy, secrecy, and decision; whereas it evidently appeared, by the production of the papers regarding the Scheldt expedition, that he carried it on by official correspondence with the different departments, a system both more tedious, and more liable to discovery. In place of such complicated machinery, when an expedition is resolved on by the Cabinet, it should be committed to the entire direction of the existing war minister, who should issue his orders to the different departments, to have in readiness the troops, the ships, and the other articles wanted, against a given time, for the due execution of which orders, the heads of those departments ought to be made severally and severely responsible. The departmental system can never be attended with the same success, as that adopted by the great Chatham, when he officiated as minister of war.

Lord Castlereagh's mission to the Continent, to conduct the negociations on the part of Great Britain, immediately prior to the fall of Napoleon, was certainly of use; but the precedent of a Minister for the Foreign Department going abroad in person, to carry on negociations, was injudicious in the extreme, and I hope will never be again permitted. When an ambassador is sent to a Congress, he is only a delegate invested with power to receive proposals, but not finally to sanction them without the authority of his Court; whereas, if the Minister for Foreign Affairs attends in person, his approbation of any proposals made to him, is considered to be final, and every artifice which human ingenuity can think of, is put in practice, to obtain his consent.