Star. — London, England, 1826-02-03 00:00:00

The CHANCELLOR of the. EXCHEQUER. then ws e and said,-..-",:teallr, str, to thy. np - prekeesions t.kb ~n i nioas of the Honourable Member for arampistifi t t ,Ilr.- Robertson) appear strikingly inconsiste n t midi ~ch other • for not only do they tend to ergo. die! idoption . of , measures Of interference for promoting foreign trade in its:evident acceptation, and with every . part, of the svorisi, but his principles, if acted upon, and bit system, if fully introduced, tend is much to the ndoptien of ,measures of a similar diameter for the promotica of trade lin every article of domestic , prodece f -At one,time he seemed to. press the doctrine, . that the recent disuesses arose from undue encourage .nsent:of esport,ation. The excess of our export trade . was, he. seemed to. contend, the great cause of all our • calamities; while, in the next breath, he maintained, with equal vehemence, that we took in too largely the product. of. our neighbours ; and that to the existing :condition of our. import trade, and the relation which it bore to the other branches of our commerce, must he attributed all the commercial difficulties by which the country had been alarmed and embarrassed. Whit eine • lqas be my feelings en these points, there is one topic of the Hon..Membees . speech which I cannot con template.wiihnot strong emotions of apprehension. I was, indeed. alarmed, when I heard such amusations against his. Majesty's Government, as fell from the lips of the Hon. Member. I trembled for the consequences of his denunciation of us, for being guilty of the /nighty crime that some of us bad not, an common with men of eminence and integrity, refused to be associated in .c'ne of the most innocent speculations that • ever an enterprising spirit of commerce bad given rise 0., .As.to the success of that speculation, I profess myself utterly inxonspetent to deliver an opinion. I know .nothing of its prospects—though others with whom I it And connected have not refused their names as patrons sar directors ;let am I neither the one nor the.other. As respects my Right.lionouvabk Friend, the President of .the Board of Trade, I must take this opportunity of stating that he too stands perfectly aloof from any such connexion. Such an imputation—if an imputation it .could be considered—was destitute of the slightest toundation,and as little to be relied upon as the charges against him of an inconsistency between the principles which he at present advocate% and those which are maintained in his able pamphlet upon the Bullion ques tion. There is another point on which I should gladly disabuse the mind of the Honourable Member. I can assure him that the Silk Company have not the most distant idea of forcing him or any other British subject to plant mulberry trees for the food' of silk worms, or otherwise to make compulsory any measures for the promotion of the trade in silk. Surely if any were so visionary as to entertain such a proFcr, the example before their eyes of the miserable failure of those efforts made by Bonaparte for a similar purpose, could not fail of deterring them from such a wild experiment. Before I proceed further, I wish to! avail myself of the present opportunity of explaining t this House the views of his Majesty's Government respecting the present state of the country ; but previous to doin - g which, I wish to express my sense of the modest and candid tone adopted by the Honourable and Learned Gentleman opposite (Mr. Brougham); but while Ivordially give him credit for that, I cannot let pass the charges with which he has been pleased to assail ups in reference to the spirit in which he supposed us to .have viewed the consequences of the existing calamities, and" the manner in which' he assumed vs to have treated them, and their probible con-, sequences. He charged us with having spoken of them in a way too light and unbecoming for a subject of such deep and alarming impoitance.— I at least can conceive no charge more entirely ground. less. I can assure the Honourable and Learned Gen tleman, and I feel confident that the House will give me credit when I do so, that nothing could have been further from the sentiments of my Right Honourable colleagues and myself, than to treat a subject so grave and distressing, with any, the most distant, approach to levity or indifference.—The most indisputable proof that we were actuated by sentiments of a very opposite character, is, .that the subject is not thrown into the back ground, is not placed in any obscure situation, no inferior topic gains a preference over it; the public distresses for retire subject which stands forward in the very front of the speech. Of what materials can he suppose us to be made, if he will imagine us capable of witnessing the scenes which have occurred without deeply sympathising with those who have sufferecßl The attention of Parliament• has been called to kin a manner the most marked ; we have given- it the most attentive consideration. and our most earnest desire is, that it should receive the earliest attention of Parliament, in the hope that such measures may be devised and carried into effect, as will afford relief for the present, and supply just grounds for expecting that in future the country may be saved from the recurrence of events so disastrOns: At the same time, I cannot help observing, that a very unreasonable outcry had been raised: for, it was beyond question that many - of tbe causes by which the commercial difficulties had been produced, were, in their own nature, inevitable, and far beyond the controul of any Executive Government, as must be obvious to any one who thought proper to give she subject an attentive consideration.— It required but the most moderate acquaintance with the subject, to be aware that the operating causes of those difficulties are. entirely beyond the controul of the most strenuous exertions which the Government of the coun try could make. for. in the circumstances that had isen, nothing tor their prevention or removal had been left undone which could be effected, without producing more mischief than sprung out of the existing evils theni , elves.—evils s hich are in a great degree inhetent in ever) Irame of human society. But the main con solation fur these distresses is to be found in the fact, that per,ods a f commercial difficulty are quickly and unerringly iollowe 4 by petioJs of prosperity and great ness. Witness the period of 181 G, and. the rapid re-ac tion, and the gi eat prosperity, which, in subsequent Ye.ts, distinguished the commerce of the country. — Any one who presumes to legislate with the expectation that all those causes would yield to his enactmeats, must proceed upon the assunrptioa, that all those engaged in trade will uniformly proceed upon wise and pludeat principles; and this, even suppr sing the cur icucy to be preserved on the soundest system, through Nancy of circumstance, still more would it be difficult, ill a country like this, where the currency may be ino gleat degree considered as existing in a mixed state, and where the amount of paper in circulation so far exceeds quantity of specie. The increase of private bankers* notes throng the last Five years was such a., if fully sseertained. would, I have no doubt, astonish the Viruse s It is a tubje:t of considerable difficulty, for We trace au exact data from which to fonts in estimite " Ow amount of those notes •in cis Ctilation ; , themmete .1. 0 precise cri'ffr . l4. whittler, but we make an ap- gnat Macknee to tellahakbe pretest expedient would Pekuitnitioo. to :stimathitig li s kh liecurate. From the so answer the purPosiit.- : aultadlormeity proposed that. Settired. at the fitantialfilePi-sin g h a ft t h e amou n t • thentatiould beta regular-siddanee of all the evils inii:‘ stamps issoacr for thtenteursolielifterage period Gering ; 4 1.insel to. this iohjecii bid did his Majesty's Speech which, [believe, notes are ossallyestimatedto circulate. lOi ,cl mit-anl holy*. Of *licit a nature'? . Let the Hons e Now if the amounriseiMsltiplieJ by . three, it Rivet a imitkllAto the expenditurs of the year 1793, and, thougi: result nearly approiching.soahe . truth. In th e year I na the country has been a t pe ace tor the last ten ye a rs. yet the incumbranc es are greater t h an at t h at per iC i i . the amount was 34493,9011.; intim following year it was' 4,43844.81. Prom th at time it continued. to Increase, and Instead of paying f our m illi ons an d a half, as at that as the year 1825. it amou.nted to 8,756.0001. The House time, the country was now incumiserei with a sum of from nine to ten millions, with every prospect of in. will observe in what a,short peri o d it hid s o r i sen , a n d also will not. overlook its effects—the ra i s in g o f pr i ce; , crease, arising from the n at io na l d e b t . Th e w b o s r evil Was to be traced to the extravagance with whicli l d the excitemeot of Commercial specul a ti o n in a n in the public money w a s di ss i va.e d. Thi s was a gre a t ordinate degree . ; but these were the least of the' ill l effects of such a system of banking, as that note s of cause of the di s tress whi c h h as b een exper i ence i i n England. In the year 1817, the taxes were 52,500.0001. suels•an amoisat should be issued, foethey are confined principally, almost exclusively, to the poorer classes, in 1818, 53,200,000/. and so on .progressively to the and when with a large proportion of their. paper in such • last year, after ten years of p e a c e. I nst e a d o f k eep i ng up large military establi s hment s to h o ld t h e peop l e dividuals are left pennyless. bands, a bank fails, thousands" upon thousands of in rap awe, the Government s h ou ld ap ply i tse lf to ma k e • Whatever advantages commerce may derive from such a system—whatever them happy,and should reduce the exp e ndit ur e to the rate of 1793, in Mr. Pit t ' s ti me . If proper advantages the agriciiltural interest may enjoy under steps were taken, this could be eff ec t e J, an d y et t h e such a state of the cu r rency—whate v e r . be n efi ts ma y good people were overl o ad e d with tau:. Does Govern accrue to the country at' large—whatever real nay arise—whatever apparent good, I would still resist, meat have to keep the C o l on i es ? L oo k to L e l an d, to the utmost, a - state of our currency which k ee p s ra p if that country can be c a ll e d a co l on y. Th ere 30,000 the continual risk of consignin g to ru iu an d mi sery t h e troops are wasted to keep th e p eop l e i n coerc i on , an d most helpless class of the community. The re i s no p os . fir the necessity of thi s fo rce Mi n i sters must bl ame t Bible good sufficient to compen sa t e fo r suc h a state o f themselves. Ireland i s lik e a camp , f rom t h e numerous things, and, therefore, I esteem it indispensable, that divisions of troops scattered on her surface, yet it would nit be difficult to make that nation happy. The Co. Parliament should in st antly apply i tse lf to t h e con lonics in the West Indies, from the mi s mana g em ent sideration of some me ans of a ff or di ng a d equate attending theni, are worse than useless, for they cost security to the humbler clines of the community. My persuasion certainly is,,that the pro c ess s h ou ld b e more-money than the st arv i ng p eo pl e o f E ng l an d are gradual, is ord e r to be ultimat e ly .e ffe c t ua l ; an d h ere I able to affird. But t hey a re t h us a ll owe d to draw the would observe, that I cannot help feeling much regret resources of this country, in orde r t o p rov id e s i tuat i ons f6r the minions baonging to some powerful familiei. that the plan which in 1822 was p r opo se d, h a d b een If they looked to the East, the prospect was not ins abandoned, as I a m co n vinced tha t • h a d i t not b een so proved. In his Majesty speech o f l ast y ear , i t was stated given up, we shinild not, in 1825, have had th e same difficulties to struggle with. Wh a t . I a ll u de to was that the Burmese war wa s r e q ui s i te , an d t h at t h ere was adverted to .by an Hon. and Le a r n ed P ent l emsn oppo - every probability of a succes s ful i ssue . B ut t h at was not site, in reference-to some of th e e xclu s i ve pi ivil e g es of the fact. His Majesty's Speech states that conti nu e.' sue the Bank of England. I cannot co nce i ve h ow any one ' c..ss attended the Briti s h a r ms t h ere ; b ut w i t h out mean can contemplate the immense extent of our t ransact i ons , ing to disparage the army, fo r w h os e b raver y no person f without being perfectly satisfied that th e s i ng l e c h arter felt a higher , sp:nion than him s elf, he cou ld no t p erce i ve of one Company is by no means adequ a te t o t h e b an k- that this was the case. Wherever the Bri t i s h t r o o p s hi ve ing purposes of the country at large, especially in those had an opportunity, they always proved thei r va l our . districts remote from the Metropolis; in such dis tr ic ts At present, however, the praise is n e gative, fo r they are the effect of the exclusive privileges enjoyed by the lef t t o p er ish in an unwholesome country, which the natives have . laid waste. They ca n no t fight against Bank of England has been, that Banks have sprun g u p in those places that have proceeded on anything rather enemies who are not to be seen. B u t th e Mi n i sters are to be blamed who sent out an incompetent person than the solid principles of banking. This truth has -t0- preiick, 'against the wish of every man of se ns e. j made so deep an impression on the minds of his M a - The Court of Dix ectors have no con fid e n c e i n Lord Am losesty's Government, that their earnest wi s h is n o t 'to hen. What excuse, then, have hi s M a je s ty's Mi n i sters f o r - a movient in supplying ir remedy, efficient, at least so far as circumstances will permit. S mit keeping him in Lid a? Those who support Lord Amher s t highly responsible. Between theßoard of Director s time ago, a negotiation was opened with the Bank . sod thebmtitess at the Bau d of e CoutT l itl oo. , the % r atter w in es likely to produce on, cal led u pon of England, for che purpose of.. ascertaining to injurious effects. The what extent that Corporation might be kidated his Majesty's Ministers to reduce the public establishments—to re to forego some portion of its exclusive privileges. dues tasiatitio=.4 'reduction of ten millions of uses might easily be It appeared that the Bank 'would be willing to' maire - r re sd rd e 1 mitisese ' s sure t hat were it mad e' th e G° " ellautt i t would 8 ib o:t - ua better, and with more advanage to rho Public than the desired concessiOn, provided an extension of their . 'e• '',;;"- linki ng Rind alto ' should be abolished; it charter were granted them for a period of tea.. years, wag ei mere blind; It hid been Wined for the purpose of redeeming in addition to their present term. Tfleir charter *kW, • if -takelion, but in point of fact had had quits the contrary effect. not extended, expite in 1833. Thi. compensation ifiiiy"' Mr. T. WILSON contended, that the Silk Trade was required for giving up the necessary portion `of their .different ,., from sli others, both in the length of time necessary to a it, and iq the greater facility of smuggling the material.— privileges, was, that their charter should be extended tOir . , e, would not then enter into an argument upon the subject, but the year ISM. It•was perfectly mitaral that th e Bank iive'notiee of ' his lorentien coining it under the considerati on of Directors, acting on. behalf of theirsonititnenors should dneMense, ride* seam* alteration were made in the Corn Laws. week to obtain the . best possible tenni,. and sheuki be t r.Ta r ,,aslbrathn, w.t....te being made relatively "t11411"' unwilling to commit theniselves..to „anything specific, F r o ,;, -- —' an alt era tion ' l "*" .. " s was promised—that be oil t net to be Orptien. . r . until they could have an opportaViiiii of c:omdsoltiting ~filr I' with ..1 .. ARSE said, Ouhe recent exigency, the Bank their Court of Proptsetioat: . They bad; however, lif o lfoltansi enteaveinseet tor, set in tech a Mame! as to render undertaken to lay before that ',Court a. plan for . the es- the povrers entidued to • them beneficial to the public at large. tablishment of Banks, milk an unlimited miintiefelf Pro-, if %ember suck run as that which had lately. been witnessed wan • te occur, wou ld the Bonk be unable to do what firietors, according to thellrish system , that is, fifty t h S 1, miles,t hey lead data on ti occasion. Th e Honourable Gentleman concluded by ad from the Metropolis, oinathey sixty-five English miles. vertics is the Evidence of a most respectable and competent There is one point on which I mast certainly drilestice, winless before a Committee of that Horse, who lialdeclared, that to the principles of the Bask. I cannot deny that they during forty-six years he never observed that the Directors of the have recently evinced the strongest desire to promote 0 94 ;1 0 1„ Z e a s t a l,t had been lammed ill their. p ublic "Induct' by the general interest of the country. Now, with refer- Mr. J SMITH was of opinion that the imperfect ence to the plan for establishing Country Banks with amens cut of the Chancellor of the Exchequer, if not more fully an unlimited number of partners, and situated at a din- exPlaloade would laereetre ibs alarm moot the coluluerelal classes. tance of sixty five miles, at the least; from London,. I _,____He was auLlau'd that the Country Banks had luedneed mach wish to say, that at a very early period I shall feel it my misery t--4:," es . he al the uld e :tris i ts ef eetehheh 'al 64 j to ele the t ?I t iett duty to submit toParliament a plan for that purpose,vthen Hossourabk Gentleman, provided he gave as privileges to particular the whole may be discussed, and its details investigated. peroini. Though he was a partner in an old established Bank, and There are two other points upon which ; shall now take was *Ware that the intended plats would affect existing Beaks, still the liberty of troubling the House. The Speech from he should "give it his sli pr el ' he t to baba ' that p art a the the Throne states, that the Revenue of the last year ' year's Limit re tee obtained t his w oll a te t° ap on don. Tlsaf was ilitt fully equals the expenditure. I think Ido not exag- an excellent Committee, and ought to sit again—the inquiry was gerate, and that I shall be fully borne oat by . the Decterattnated• He trusted the Right Honourable Geode:tan below the truth. facts, when I say that those words are would give some clearer explanation of his intentions , The Revenue of 1825 was less than 1824, for there was Mr. CRIPPS coincided with the Hon. Member in his view of the caution necessary in touching the th system ex of a repeal of taxes to a large amount, between five and b ank i ng . , Mime could rightly consider this subject but t pe -600,0001. In addition to the diminution arising• from cleaned and concerned in it. The late embarrassments did net this repeal there was a less on the duties in the silk proceed from one pound notes. There must be a circulation of cur trade to the same amount, operating 'altogether to as teary. Much had been said against the country banks, but he alteration asht w uc e h re pLofithad proceeded fr om . them. If the intended extent of 1,200,0001. and yet, notwithstanding this, th oug ht hasty, it would bring ruin on many. He hoped the expenditure is five or six hundred thousand pounds that Government would proceed in the intended project deliberately, within the Revenue; therefore, I think; there is at least, cautiemlf, and gradually, and proceed to establish the chartered no exaggeration in the language of the Royal Speech. banks cotemponmeonsly with the operation of the existing banks. The other topic to which I shall solicit the - attesting of the Mow, Mr. MABERLY did not think the Bank of England is one which I feel so strongly, that I cannot resist the opportunity culpable; they had acted with the most laudable energy in the of adverting t. it, I mean the success which has attended the late panic; but they had previously acted wrong in advancing efforts made in Parliament for opening the trade of this country ; money on mortgages. But if the Government proceeded, the and. I beg to thank the H ananta kk an d L earne d 'G n o mon app .. Bank dare not relieve the country ; for, whatever might be their site (Mr. Brougham) for the uncompromising manner in which b e inclinationwhen the exchanges were against England , the Bank declared that his Majeity's Government should tier be-diverted dare not interfere to relieve. . from the sound principles of commerce under .which they are Mr. Secretary CANNING—" Although, Sir, lam not emancipating the foreign trade of the Empire. It has been said that we are not cordially supported in these views at our own side desirous of pi otracting the debate which has unexpectedly of the House, This I altogether deny. It isnot the fact. It has arisen, yet there are some misconceptions,regardi rg the ,also been said, that the support of Honourable Gentlemen opposite . P: • of renders suspicious the character of those measures. I think quite to pi cs my Right lim. Friend's speech, which I wish to the contrary. I set the highest value upon their support on these set right; and in order that I may clo r so, lam anxious to points, for they can have so motive to give their approbation, tate my understanding of the observations he addressed ex cept that which arises from the obvious merit of the measures a themselves. lam pledged to the. support of this system, and I to the House. I refer particularly to the speech of the should disgrace myself, did I slacken my effort* in the slightest degree; it is therefore peculiarly satisfactory to me to enjoy the Hon. Member for Midhurst (Mr. John Smith), and that approbation of those from whom I usually differ. It Is an ad- which was delivered by the Hon. Gentleman (Mr. ditional gratification to me to reflect. that the principles of trade Pearse) who spoke last. In the latter particularly there which we maintain are not the doctrines of any sect or party— they are the cherished sentiments of the most eminent amongst all we re sentiments imputed to my Right Hon. Friend parties, and were I not myself one of their most strenuous advo cams, I would say that they were supported by all the wisest men which I should have thought it impossible he could alive—( Hear, hear). have' been supposed capable of entertaining. The Hon. Mr. ELLICE said, that with respect to the Bank of Gentleman (Mr. - J. Smith) opposite seems to apprehend Scotland he would caution the House to collect infor- • • • • that a atm is i n amtauota to erect j oint-stock banking mation from the United States of America, where banks • •,, companies, which will swallow . up all the existing es had been established in every town, and the greatest blishments• go* th ro °wino of m Right Hon. facility was experieaced in obtaining discounts. In te . • fiiP off, 1 Fit:ad is merely to take oft, with . the - consent of tine Lancashire the banks were well conducted, and the best Batikres Disectorso few years sooner than it would ohs succeeded. He hoped that :1 charter banks be wise necessarily expire, : the prohibition which, by th. other considered valuable, they will be so regulated as to cause so injury. The difference between the market and the mint pries of gold was common consent of.all who have spoken this evening, not, in his opinion, the test of value which badiscen alleged. ,- renders weakness, instead of stiength, the inherent Mr. HIIME considered the Spec ch very little satis. qtrality of all county heits, It requires no agency ol factory. He did not approve of the condition which my Right How. &Wed; to br:ing;this evil, if it be one, shut out from the - operation of the proposed measute upon us, ler the Law has al4adt. decided that it shall the'cii cumference of 63 miles round the metropolis, in take place is 11413,,namely, that ifter'that periOd there which district the necessity existed as touch as in those shall no longer/ .exist i theoriiiiligo pop 'possessed by the places bcyoad that distance. _lt does not require any Bisik of. England, making it unpc l Asfe for more than six partners to belong to a banking establishment; that privilege necessarily ceasing with the expiration of the VAAL% ester,- of course joint-stock companies nay then be instituted to any extent for the purpose of - banking. But under what circumstances, let me ash, will th.eevil, if it must be so termed, come upon us, should the law I remain 'unaltered ? In the fi r s t pla c e, we s h ou ld ob serve that the privilege of the Bank of England, by which country backs are prevented from spreading themselves on a wider basis, will continue ,to exist till the year 1833. On the ocher hand, the country banks will continue to possess the unlimited power of issuing small notes for tecisrly the same period. If the termi nation of the pr ivile g e of the Bank of England be . fraught with ischief at present, how much greater mischief may not be expected to result from it, if it be allowed to operate on the un res trained i ss u e o f country notes ? My Right Hon. Friend has too objects in view —first to accelerate the period of removing the prohibi. lion which entails weakness on the country basks; and secondly, by limiting the issues, to make the new power op. rate with less suddenness and greater sectirity.--. Whether the consequence of withdrawing this privilege will be to create entirely new banks, or whether it will cause the ancient respectable establishments to widen their foundations, I know not. The Hon. Gent. (Mr. J. Smith) assumes, without any reason I think, that the new institutions will altogether supersede those nosy in ea? istence. I cannot conceive why, when :he power shall be given, it should not operate in what appears to me to be the natural mode, by addingt seventh, or eighth, 'r perhaps tenth partner to the existing establishineatis This seems more likely than that ft should lead to the institution of a new set of corporatiossio rival-and ex tinguish those that we already possess. Surely. every existing establishment sill be able, by an accession of strength or consolidation of interests, to prevent the evils which are, as it appears to me, so groundlessly apprehended. As to my Right Hon. Friend being dis posed to press any measure hastily upon the House, and take it unawares, nothing fell from him that could be fairly construed to indicate any such intention. If he did not dwell on the deta.ls of his plan with all the minuteness that was expected, it was because the subject had been so of.en before Parliament, or at least so long before the public, that. it- was only necessary. to reter tie it generally to bring .it to the minds of Honourable Gentlemen who are acquainted with it. Another con sideration I may mention is, that if this be en evil it it one which the Rank of England may now create any day in the week, for that body has he power of crea ting branch banks. If, then, it be necessary to establish a more solid system of banking, the alternative is either that the Bank of England shall estab:ish branches in the country, or that Parliament shall give Means and opt portunity to others to establish banks for theisselves p If these measu'es be necessarily ruinous to the existing establishments,. whtc i I-deny, that ruin is equally in• evitable whether the Bank of England be the agent of the new institutions, or we take advantage of the die" ! position of the Bank to withdraw its exclusive privilege, and permit new establishments to ri s e, and as we are told, absorb those that already exist. If the Bank of England establish branch banks, the probability of a dangers us collision would not, perhaps, be much dimi nished ; but there are objections to that course which are familiar to almost every Member of the House. In this situation we have our choice to adopt one of three things : either the Bank of England must er= cache the privilege it has of establishing branch banks; which would be equally fatal, if competition, con.. fidence, and capital, can be so to the existing estab lishments ; or my Right Hon. Friend's planmitit be adopted to take advantage of the voluntary Ma redder of the open ground for new establishments, which would be neither to formidable as rivals ati,the branches of the Bank of England would be, nor "iitsses that quality of repulsion which would belongao them; or, thirdly, we must remain as we are, having a clear view of all the mischief that results from our-pielnt insecure and insufficient system of banking. Besides these we have no alternative, and the House. I am sure, will unanimously agree that the last ought not to be resorted to. Of the two remaining choices, it seems perfectly clear, that the latter plan for incorporating new partners in the old firms would be likelyto prove most effectual, while it would offer the least ;hock in the existing establishments, and save them most coma pletely. It is impossible to discuss this subject without adverting to the praises; justly, and I am-glad to oill serve, nut niggardly bestowed on the conduct of the Bank of England. But nothing, I think, has - reli acted more honour on•that Corpora:ion, than the grace with which they have consented to strip themselves of thit part of their privileges. It is idle to say that this pale vilege is odious, or that it is a monopoly. .1t is- an inherent privilege, of which, by law, they are in •Coas plete possession, and from which not the comaipoteote of Parliament can disturb them ; and it is ad unfair view of human nature, and the principle of poleession s to treat with indifference the voluntary surrender of a privilege wh ch, even as a mere ornament, they; would naturally be not readily disposed to part with, ifbnpesitig it did not possess solid utility. It is a rare oectirrecce, _ and deserves no ordinary panegyric. They may keep it, if they please, because they have it ; the law has given it to them, and no man can extort it from them. They may keep it, in order to make a bargain with the public for some other consideration. 1 hey may keep it, in order to prevent the rivalry ezi.ected from country banks in that part of England of arbkh 'the circulation is now in their exclusive pruse#sion.— They may keep it without assigning any: recoil 4 t, It is clear they have yielded it to some pobile, goatee; if unwillingly, so much more 'audible the ara lingly, they have shewn that the interest of the politic is their first object, and afterwards their own it tertst , as involved with it. Fur whatever reason, it,is certain that they have now consented patriotically to grant what at a former period they unbiameably refusad.— They have yielded. a .d hiving done so, advantage is intended to be taken of the concession by toy Right Honourable Friend, not ungenerously or un kindly, or in the spirt of triumphant spoliation over the Bank of England, as the Honourable Gentleman (Mr. &arse) seemed s to suppose. (No, no, nom Mr. Norse.) 1 really understood the Hon. Gentleman to represent my Right Hon. Friend as having spoken of putting an end to the privilege of the Bank ma t unkird way. On the contrary, the utmost justice.. has been done by everybody tatbe manner in which the B ink of England has conducted this discussion, as well as to the decision to which that discussion has led. An eon. Gent. (Mr. Robertson) who spoke early in the debate, among the Satiety of remarks he maik, gave utterance to one -which; should be sorry to 'pass by wholly-unanswered. He thiiiks that Ministeriite greatly culpable f-r Dot discouraging that wild spirit of specolation'isisish ban so much coutributed to produce the. present crisis of