"The honourable member for Portarlington (Mr. Ricardo), in referring to this table on another occasion, I think told us that Mr. Tooke was able to point out several circumstances which tended to lower the price of many of these articles. I do not in the least doubt it. The price in the market of every particular commodity is fixed by the influence of a great variety of contending circumstances, some tending to advance, and some to depress that price. I doubt not but Mr. Tooke could point out numerous circumstances that have affected the prices of every one of these commodities, and have contributed both to depress and to support them. But the question is not as to what has affected the price of any particular commodity. The question is, whether this list is to be received for that purpose for which it was given, as containing an indifferent and impartial selection from the general mass of our productions and commodities, and exhibiting in its results a fair estimate of the fall in price on that general mass? That, I see, the honourable member for Portarlington admits. This table shows what the general fall in price has been. Let us see, then, to what conclusion this brings us. Either the quantity of all commodities has been increased, or the quantity of money has been diminished; one of these we must of necessity admit; for the proportion is altered. There is either an increase in the general quantity of commodities, or a reduction in the quantity of money. And are we to believe that the general quantity of commodities has increased? that a great augmentation has suddenly taken place in all the produce of all labour? that all industry has become suddenly more skilful and efficient, and the produce of all soil more abundant? If we could believe that, indeed, then we might look on our present difficulties as necessarily attending the introduction of a better state of things; as the sure precursor of an age more prosperous than this country has yet experienced. But it is impossible to entertain such a belief; it is impossible to believe that any great and sudden augmentation of commodities has taken place. It is the quantity of money that must of necessity have been reduced."

"I now beg the attention of the house to a consideration of what that reduction has been; how it has been effected; and how it corresponds with the fall in monied prices which it has occasioned.

"The monied circulation of this country has rested on that of the Bank of England. The amount of the notes of the Bank in circulation, at the period immediately preceding this fall of prices, appears to have been from about twenty-nine to thirty millions, that is the average amount in circulation for the last half-year of 1817. If we take a view of the amount of bank-notes in circulation, from this time downward, and observe the amount in the middle of each quarter, which affords, as appears by the evidence of Mr. Harman, the best comparative view - a gradual and systematic reduction will appear to have commenced.

"Nothing can be more regular, gradual, and uniform, than this reduction in the quantity of money thus exhibited, and commencing at a period immediately preceding the commencement of the fall in monied prices. It was altogether a forced and systematic contraction. It did not take place in consequence of the fall of prices; it preceded it.

"We see then a regular systematic reduction of the notes of the Bank, our legal money, on which the whole of our circulation depends ; and that reduction followed by an equally regular fall of prices: but the one is in greater proportion than the other. Prices have fallen more than notes have been reduced. The reduction of bank-notes is one-fourth or one-fifth, and the fall in prices has approached nearly to one-half; and yet the honourable member for Portarlington denies that prices will fall, except in proportion to the reduction of money. But I beg him to consider that, first, we have the fact plainly before us: and that to facts we must reconcile our theories as well as we are able."

Of the facts thus collected by Mr. Attwood, and the inferences drawn by him from them, it may be fairly observed that they were not disputed at the time, and must be admitted to be, in the main, incontrovertible. Prices did fall and consequent distress prevailed very nearly to the extent he described. But, however correct Mr. Attwood appears to have been in his statistics, equal force was not accorded to the theory he sought to build upon them. There opinions generally predominated against him; almost all the authorities upon the subject were opposed to him; while none of the practical men, and no members of the influential body to which he belonged - the private Bankers - stood forward as his supporters. It will therefore suffice to state here that the Attwood theory, as explained to the Bank Charter Committee of 18322 assumed as general principles honest workmen in the kingdom are out of employment, and that such deficiency of employment is not local but general, it is the duty and interest of Government to continue the depreciation of the currency until full employment and general prosperity have been obtained. Absolute tests of full employment are difficult to obtain; but perhaps the year 1825 may be taken as an example, when no honest man was without occupation.

1st, That so long as any number of industrious gold should be allowed to find its agio2. The Bank of England should increase its issues considerably, including a large supply of one-pound notes, and bank paper should be a legal tender from all quarters but the Bank itself.

2dly, Were the population doubled they would all be employed beneficially, by establishing either a just metallic standard of value, or artificial standards which are better suited to the present artificial state of society. The Bank of England note, or a mass of exchequer bills, or a portion of the national debt, might be converted into a legal tender to a limited extent, so as to have an abundance of circulation without any excess.