The noble Lord (Viscount Goderich), speaking with his usual candour on the subject of the equitable adjustment, admitted the existence of an increase of price during some years of the war generally, and consequently of public expense and of debt, to the amount of 20 per cent, in consequence of the depreciation of the currency; and he has made a calculation of a supposed equitable adjustment, founded upon his estimate of the expense of the war for some years, and of the debt created by the excess of price.  It is true that there was a very large increase of prices in England during the war; that this increase of prices increased the expense of the war; and the amount of debt successively raised.  But it is not true that the excess of prices was occasioned solely by the paper currency.  Many other circumstances occasioned it; and in my opinion, my noble friend has admitted too much in admitting that the annual payment on account of the debt has been increased to the amount of 3,500,000 l. in consequence of the paper money circulated during the war.

Having frequently heard of an equitable adjustment, which, however, is absolutely impracticable as a measure to be applied solely to the national creditor, it has always appeared to me, that such an arrangement could be calculated only on the foundation of the difference between the currency, or the market price of gold, and the mint price of gold, at the period at which the Bank restriction was repealed, or in the year 1812.  That difference was at that period about 4 per cent; or the difference between 3l. 17s. 10-1/2d., and 4l. 1s.  The annual payment on account of the debt at that time, amounted to about 30,000,000 l. sterling; upon which what is called an equitable adjustment might, at that time, have been made to the amount of 5 per cent., or 1,200,000 l.  In making this supposed equitable adjustment, we should have betrayed the honour of the country; we should have destroyed its credit and reputation for fair dealing, justice, and honesty; and, for this paltry diminution of the annual expense of the debt in 1819, we should have lost the advantages since acquired, as detailed to the House by my noble friend, amounting to a diminution of the annual charge of the debt, not of 1,200,000 l., but nearly of 5,500,000 l. or the interest of 150,000,000 l. of capital at 3 per cent.  This is a fair calculation of the comparative advantage of what has been done, and what might have been done, by a supposed equitable adjustment.

May 6th, 1830.

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The Shipping Interest has not been Neglected.