1. Some of my friends were of different opinions as to the side,
towards which my arguments most inclined. This I consider as a
tolerably fair proof of impartiality.
2. Mercantile losses are always comparatively partial; but the
present losses, occasioned by the unusual combination of low prices,
and scanty produce, must inflict a severe blow upon the whole mass
of cultivators. There never, perhaps, was known a year more
injurious to the interests of agriculture.
3. At the same time, I certainly now very much wish that some
regulation had been adopted last year. It would have saved the
nation a great loss of agricultural capital, which it will take some
time to recover. But it was impossible to foresee such a year as the
present--such a combination, as a very bad harvest, and very low
prices.
4. I have very little doubt that the value of paper in this country
has already risen, norwithstanding the increased issues of the Bank.
These increased issues I attribute chiefly to the great failures
which have taken place among country banks, and the very great
purchases which have been made for the continental markets, and,
under these circumstances, increased issues might take place,
accompanied even by a rise of value. But the currency has not yet
recovered itself. The real exchange, during the last year, must have
been greatly in our favour, although the nominal exchange is
considerably against us. This shews, incontrovertibly, that our
currency is still depreciated, in reference to the bullion
currencies of the continent. A part, however, of this depreciation
may still be owing to the value of bullion in Europe not having yet
fallen to its former level.