prove to be so,) not proofs but presumptions of guilt, presumptions, too, which, by such a course of proceeding, are made to have all the effects of proofs. Practices of this nature lead, also, to frustrate the very objects for which such bodies are instituted, and the attainment of which is of incalculable importance. Those objects, indeed, involve the best modes of reform. They secure the ends of government without its rigour. They operate by means of prevention, without the severity of example. But they can be attained only by a calm, patient, undeviating pursuit. If, however, instead of steadily adhering to such a course-the only one which affords a cause of success-boards of inquiry assume the character of inquisitors and accusers, they will render themselves odious and intolerable, they will forfeit the public confidence, and they will close those channels of information, through which alone they can hope to render any effectual service to the state. Such boards, acting in such a manner, may terrify, but they will not reform. They may harrass, but they will not correct. And they will deprive the public of the service of men of real respectability, who would not choose to be subjected to an investigation, before which the best character has no security, and innocence itself an ineffectual protection. "How far the foregoing observations are exemplified in the case of Lord Melville, is a question which must be left to the decision of the intelligent reader. Certain it is, that, in that case, the resolution of the House of Commons of the time, pronouncing his lordship guilty of a gross violation of the law, and a high breach of duty, was a violation of the first principles of justice, and of the most sacred maxims of the constitution. Happily, may it not be said providentially, the result displays, in the most striking and impressive manner, the danger of a departure from established forms. The nobleman in whose instance those forms were sacrificed, and who was, in consequence, most deeply wounded in those feelings which are ever most acute in minds that are most susceptible of virtue and honour-feelings, the anguish of which, in such minds, renders even martyrdom an enviable lot. This nobleman, upon a full and regular investigation of his case, was acquitted of all the charges preferred against him, and in particular, of that very charge of which the House of Commons had assumed him to be guilty, and which that House made the foundation of a vote of censure, alike unjust, cruel, and unmerited. "Let it not, however, be supposed, that the mischief of such proceedings is confined to the individuals who immediately suffer from them. They are inexpressibly injurious to the best interests of the state, and they tend ultimately to its subversion. All constituted authorities, however high, the Commons as well as the Lords and the King, are morally bound to respect the principles of the constitution; and this moral obligation is particularly binding upon the House of Commons, on account of its peculiar character and functions, as the grand bulwark of freedom, and defender of the rights of the subject, to which those principles are inseparably allied. Such, indeed, are the real value and importance of that House -so essential is it to the secure existence of genuine freedom -so necessary is it as a restraint upon power, and a check to corruption, that to maintain its privileges should be an object of the utmost solicitude to every lover of the constitution. But if that House, availing itself of its high and uncontrolable powers, and of its irresponsible situation, should act arbitrarily and oppressively, and invade those rights of which it professes to be the vigilant defender, then it would give a mortal wound to that constitution which it was intended to preserve and to perpetuate; then would it prove, not the guardian, but the subverter-not the sanctuary, but the tomb of liberty." Having thus disposed of the first report of the Committee of Grievances, I shall next proceed to consider the general messages sent to the Assembly by his Excellency the Governor in Chief, respecting the regulation of the Currency of the Province, and shall attempt an examination of the proceedings had in relation to that important subject. 94 NO. IX. CURRENCY. Money is the measure of Commerce, and of the rate of every thing; and, therefore, ought to be kept (as all other measures) as steady and invariable as may be.-Locke's considerations of the lowering of interest and raising the value of money. THIS important subject having been brought under the consideration of the two branches of the Provincial Legislature, in the speech of his Excellency Sir James Kempt, the late Administrator of the Government, at the opening of the Legislature on the 22d day of January, 1830-was considered in special committee of each of the Houses, whose reports are now before the public.-Very shortly before the close of the session of the Legislature, a bill was introduced, and passed both Houses, and received the sanction of the then Administrator of the Government, regulating the value at which certain coins were to pass within the Province. The measure was understood, however, to be only a partial one. The main subject was renewed the last session of the Provincial Legislature, and the following message transmitted by his Excellency to the Assembly:— "In compliance with the request of the House of Assembly, conveyed to his Excellency by their committee appointed for that purpose, he transmits to them a copy of a communication which he has received from Mr. Commissary General Routh on the subject of the Currency. The Governor in Chief takes this opportunity of informing the House of As sembly that Mr. Commissary General Routh is at present absent from the province on public duty; but his Excellency, conceiving that the House of Assembly may be desirous of examining Mr. Routh on the subject of the Currency, he will take care to give to the House the earliest information of the return of that officer to Quebec. AYLMER, Governor-in-Chief. Castle of St. Lewis, Quebec, Feb. 9, 1831." ses. The document referred to in this message is as follows: COMMISSARIAT-CANADA, "SIR,-Adverting to the correspondence which took place. in January last, and the measure which was before the Legislature in regard to the Currency, though too late in the session to produce a result, I think it my duty to lay before his Lordship the Commander of the Forces the enclosed reports, which detail the progress then made in it in both HouOne of the obstacles which retarded the settlement of the question was the difficulty of determining the new sterling rate of the dollar, the present sterling rate being 4s. 6d., on which the exchange is computed. This rate is acknowledged by all parties to be incorrect, for the dollar intrinsically never possessed that value; but there is not the same concurrence of opinion in regard to the true value which should be assigned to it. It is an essential point to establish-for, unless it be justly ascertained, the British silver and gold coins can never impartially compete with it in circulation. I do not recommend the exclusion of any coin, nor of bank notes, but there should be a ratio and a par established for all, so as to give to each a fair competition, and on the experiment now made, the wisdom of the Legislature may hereafter determine. "My own opinion remains unaltered as to the true sterling value of the dollar, which I consider to be 4s. 2d.; and I cannot avoid submitting to his Lordship an extract of the report of a committee of the Senate of the United States, in which this subject is considered. Its reasoning appears to me to be just and conclusive. The French crowns are likewise overvalued, and their rate requires revision; but, in fact, the sum in this coin is so inadequate to the encreasing wants of the province, and the coin itself so old, with no means of adding to it, that if a convenient and advantageous arrangement could be made, it would be better to call it in altogether. "The peculiar inconvenience under which this province labours, is the want of a metallic colonial currency. The banks meet this inconvenience by a supply of notes-for in a commercial country there must be some means of barter; but this facility, if it continues to be exclusive, is dangerous; for it must encrease with the encrease of trade, and, therefore, though a valuable resource, it should be subject to controul. No national paper can keep pace with coin, however pure or solid it may be-whether free or forced, it is only the sign, not of riches but of credit! It never can have the exact value of its model; and its encreasing circulation only proves the want of that specie it represents. Paper money may be dispensed with, coin cannot; and the danger is inevitable, if the former is made the exclusive intermediate between all articles of exchange. It is, therefore, essential that there should be some colonial circulating medium, that both being current together, both may become a saleable commodity, and the real value of coin operate as a check on the accommodation of bank notes. If nothing is done, a case may arrive hereafter, in which an institution maintained by private individuals, but holding a place in every transaction of interest, may acquire an influence as extended as that of the Legislature itself. "The banks are obliged to keep up a deposit of coin; but does it follow that its circulation is the consequence? It is unnecessary here to enquire into the cause-the fact is understood that it does not circulate. "The British government transactions (being real transactions without accommodation) are all in coin, which generally makes a difference in exchange of one or more per cent to its disadvantage. If a sudden large demand for specie arises, the banks are the most ready competitors, having the money at command. A merchant requires time to import it. Frequently there is no importation at all. The Contractors on the Rideau Canal and elsewhere, instead of receiving cash, take a draft on Montreal, which they dispose of at a premium for bank notes, the draft being payable in dollars on pre sentation. "The balances in the military chests in Lower Canada, including Bytown, average from £150,000 to £200,000 sterling, but this sum does not circulate; for specie, in consequence of its scarcity, bearing a premium, is bought up immediately for duties, treasury bills or other commercial purposes. This effect might be obviated in part by importing specie direct by this department, which generally can be done on better terms than by negociation in the province. As the |