30 MAY 1829, Page 7


TIMES—With respect to the small notes now recalled, some bankers of totter- ing credit, looking to the state of their own concerns, have been impudently giving out that they must be re-issued. The declaration of the Duke of Welling- ton in the House of Lords on Tuesday evening, has given a death-blow to that wild and wicked hope. His Grace declared ex pressly, that Government " would persevere in the measure, for the purpose of placing the financial concerns of the country in a proper state." Nor is there any reason why they should not perse- vere, it being obvious that the recall of the small notes, from which so much diffi- culty was predicted, has occasioned none whatever. Observe, we do not say, that there is not pressure and embarrassment ; but the embarrassment and pres- sure are not greater than they were when the small notes were in circulation : the recall of the small notes cannot, therefore, have created or even aggravated the mischief. There is less distress now than there was last year at this time,—less than in the spring of 1827, less, infinitely less, than in that of 1826, when small notes were abundant. How, then, can it be said that the present extinction of the small notes has occasioned the pressure, be it more or less, which is felt? The Duke of Wellington's statement is authentic and undeniable—that the present circulating medium is more than sufficient for all the wants of the country, con- sisting of notes of 5/. and upwards, and gold supplying abundantly the place of the small notes. The national debt has distressed many a loyal reasoner, and cheered the heart of more than one knave and traitor; yet still the interest of the national debt will be paid, in contempt of the fears of the former and the hopes of the latter, even though 1/. notes are withdrawn from circulation. This is very extraordinary, after so many " great geniuses" had predicted the direct contrary.