of great merit and distinction—­but still I must again repeat they are not Christians; and, therefore, sitting as I do in a Christian legislature, I cannot advise the sovereign on the throne to sanction a law to admit them to seats in this house and the other house of parliament, and to all the rights and privileges enjoyed by Christians.  The noble and learned lord on the woolsack said, that when the observation is mode that Christianity is part and parcel of the law of the land, it is meant that that Christianity is the Church of England.  Now, I have always understood that it was the Christian dispensation, generally; and I believe that when Christianity is talked of as part and parcel of the law, it means the Christian dispensation, and not the doctrines of the Church of England.

August 1, 1833.

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Defence of a Metallic Currency.

I always have maintained, and I always shall maintain, that the only proper basis of our money system is a solid gold circulation.  Upon that basis I considered our monetary system fixed since the measure of 1819, followed up as that was by improvements in 1826:  I really think the principle of those measures the best that can be applied to our circulation.  Detailed payments being made in gold, the larger payments might be made in paper, and depend on credit; the true support of the credit of whatever paper might be in circulation being, that it was liable to be paid in gold on demand at any time, at the bank of England, or at the branch-banks of the bank of England; so that, if any man chose not to give credit to the bank of England, he had only to demand gold for his paper; or any creditor might, at once, demand from his debtor payment in solid coin.  That however will, to a certain extent, not be the case under this bill.  I am aware that, eventually, the holder of the paper can repair to the bank of England and demand gold as heretofore; and must, therefore give credit to somebody for the amount.  That I consider a depreciation of the paper of the bank of England.  It is a depreciation to which if I had been a bank director, I would never have consented; indeed, I cannot understand why the bank agreed to this proposition.  I am persuaded that, ere long, great inconveniences will occur from the provision; and those inconveniences will be felt in a depreciation of bank paper.  What is the object of the arrangement?  It is either intended to give the bank a power of issuing paper which, under the existing system, it does not possess, or to facilitate credit generally throughout the country, and enable the country banks to undertake operations which they could not otherwise attempt.  It is evident that the noble earl himself sees that the consequence will be to facilitate and increase the issues of the country banks.  That will augment all transactions; and the result must be a great increase of prices, and the ruin of many individuals.