Star. — London, England, 1826-02-21 00:00:00

. •• . t ti. { . then a metallic cnrytncy. as it gow.pver-triding. attribute ,the distress to the piper money—seeiog that the theta, was too isue of paper .4eate it. He traced the origin conduct of the Government and a system of demand for ad thote advances without any • of the gambling specula . , Mr. 14. fAYLOn . pregesitid from doe art et barbels. 1* Nom Illeverß—Ordered to be primed. _ , _Si ndlar Petitions were oo:seated L limit. - The .4 ir Pet Moe fatour of - .4 lammed from Mawr; from Stroud and Painswick, .rioneeeter t by Sir W. Gent ; from Whdneslsury, ac:rree ; from Warminster, by Mr. Nitwit, fruit Leeds. Selby, and Hon; barneand - Wellisgton, by Sir T..Lrrnsan. Caine sot . Darstrar. by :Wt. Asseemotee ; from Dallitore, by S,. Ewe; and (rims Bury, by Sir W. Itowcay. • The Petitioils vivre s everally ordered to be printed. Lord Avnione psesented a Petition from certain Silk Tisrowsters ageinst the importation of French Silks. A similar Petition was presented from. Stamford, by Captain. Paacr.--.ordered to he printed. Mr. P. GItENFELL said; that be wished to move for returns, shewing the amount of Bank of EnglandV notes in circulation on Saturday last, under the :al -of five pounds. He Was Informed that the Bank Dime no objection to such returns being made, and if the had none be 4oukl move for them without notice. -If he w to be opposed he would .give the notice for to-morrow. Mr. HERUIES said that if the Bank of lingland had no ob. jettion be should think the Government could have hone. The Motion was then pot for an Account' of the Amount Promissory Notes of the Governor anti Conipany of the. Bo* of England, under the valve of .C 5 that. Won! in circalisielassAl cveuing of Saturday, the 18th of Yehruary.=-Ordered. AL WY V ILL presented a Petition from the Merchants asl4 others of the City of York, praying the House to pass a law to facilitate the recovery of Sault Debts. Mr. HOISIIOUSII asked whether it was the Intention of .big Noble Friend (Lord Akhorpe) to introduce the Measure which was lost last year. Lord A LTHORP expressed his conviction that it was useleis • for any imlividual Member of that House to attempt to carry • through such a measure. Having had the cordial support of those Members of the Government who sat in that House, they must have seen the necessity of seine legislation upon the subject, and be therefore hoped that they would not let it escape their attention. The petition was ordered to be printed. Mr. HOI3HOUSE presented a Faultiest front an individual pray ing that measures may be taken foe equalising the price of Corn.— Laid on the.table. Mr. Alderman WOOD presented a petition from James White, of Plymouth, praying that in all Turnpike Bills a clause might be inserted to compel the making of causeways for the Convenience of foot passengers.—Laid on the table. Mr. DENISON presented a petition front Mr. Kenrick, which he desired to have printed, and put into the hands of Members by • to-moriosi morning, so that they might have an opportunity of reading it before they had to decide upon the case. • The petition was then read by the Clerk. The SPEAKER observed, that the document which bad been read was net a petition, as it contained no prayer; and he knew not in what character the House could receive it. After some conversation betimes Mr. Wyss Mr. Ammeter, Mr. Dinsasou, and Mr. Secretary Peat., the Petition was with. ' drama on the ground that it onircontained matters of statement which Mr. Renrick's Counsel would have an opportunity of laying before the House. Mr. HOLFORD called the attention of the House to a matter which be considered as involving a breach sit its privileges. He had to complain of having been summoned to attend upon a Jury in the Court of Exchequer, notwithstanding the exemption which he no: &mood to be the right of Members et Parliament while attending to tbe discharge of their dutieb. Mr. DAVENPORT said be had to complain of having been . placed in a similar situation. Mr. SCARLET? said, that the occupations of a Member of Parliament might be an excuse in such a case; bet be was not aware that any privilege of the Horne prtkected him from being seurnsened. Mr. WYNN contended, that while the Parliament was sitting ks privileges were violated by compelling a Member to attend a Jury in a Court of Law. Mr. RCA RLETT made an observation in support of the elision he had before expromed. ilk. ELLICE said that he had been one of the sidllol=l9 persons placed in this disagreeable situation ; sad that heEMEEIIIII , fined for non-atteidanee after his case had been anew& - Mt. Secretary PEEL aid, that his andetstandieg effellffereeds hittOducied 'into the Act was, thatkillibellpted Eferninnlliklivlnch attendance. The exemption was nit Otte partietiketpegiellied, benne he thought the privilege was areelelkielleeil gnetection. If, however, there was any doubt upouthirpeillealbeigellor way would' be to intesiduce'other wavelets the ActiedieElMNlM snake them be dewed by lint: • . • Mr. A SERCROMBY -thought that ifinollets of PasEttiont 'eight Wl* exempted * seek claims as shit elm der tial the Ott:ingot Parliament. -• • Aft* a few further observations of the seam nature Irons Mr. SCASILItti Mt. 3, WILLWILI, and Mr. Secretary . Put, it was agreed, Open the notation of Mr. Wen-- " That the matter of the said complaint be referred in a Com mince of Privileges to examine the same and decide upon it. " And that it be an Instruction to the said Committee to sate? their decision upon the minutes." Mr. HUME moved for a Return of the amount of the Foes and a Half per Cent. Duties levied in the West India Islands for the last year, and the *Mount of Pensions payable thereon..—Ord. • *lid fur an anent of all seizure of spirits effected in the dis trict of Dublin within the last year, stating whaulloes were ho pined, with the names of the persons, and whether the same have • been levied oc remitted.—Ordered. Lord NUGENT asked whether it was intended to introdnee any measure for the better regulation of the Courts of Justice in the (Islonies? Mr. WILIIOT-HORTON replied that the Report of the Cosouthoioncrs 'would be presented in a few days; it would be better to wait till they bad such Report. Lord ruGENT said, after Easter he should bring forward this subjects. Lord FOLKSTONE presented a Petition front Mr. Cobbett, praying the Mouse not to pass the Small Notes' Bill, except it were . accompanied with other measures, for the reduction of taxes, &c. Ho 64 the greatest reliance on the talons of the writer, and agreed with him, if it were not accompanied with *llia measure., the Most serious results most ensue. "Colonel JOHNSON supported the Petition, and said the House weahldo well to attend to at. Lard LOLKESTONE then brought up the Petition, which is as follows: " To tax HOgligiall‘li Tun Colones or sue UNIT= KIXODO3t 07 • Gilgit Britain AND 'MILANO, eat Pi 'Willi= aumuLxn. al As Petition of William Cobbett, of Kaniligtoo, in the County of Middlesex, " Most humbly shewetb—l. That your Petitioner, perceiving that there is a Bill before your Honourable House, ' to limit, and, after a certain period, to prohibit. the 'circulation of Promissory Notes, under a limited suns, in England, most respectfully begs leave to pray your Honourable House to reflect on the evils that may proud from such Bill. if unaccompanied by other measures, which other measures do not appear to be is the contemplation of your Honourable House. " L That the last elutes years have witnessed four sudden changes in the value of money ; that every change has been attended with great masses of rein ; that at every change the working classes have been sunk deeper and deeper in poverty and want, till at bit they present a spectacle of human wretchedness and degradation, such as the world sever before beheld ; that all this ruin and misery • have been caused by Acts passed by your Honourable I louse ; and, 424 previous to the passing of every one of these Acts, your hUmble Petitioner has distinctly and publicly predicted the fatal consequences of the said Acts respectively, each and every of which has fulfilled his predictions to the very letter. "3. That, in the above-mistimed Bill, now before your Honourable House, your humble Petitioner sees a design to cause gold and silver to be the circulating money of England ; that he kaolin, as well as be knows that fire burns, that if geld and silver be the circulating mosey of England, that more than half the pre sent nominal ammo& of the taxes cannot be levied, without pro. dating ruin and wretchedness absolutely insupportable ; and that, therefore, while be expresses his gratitude to your Honourable House for your laudable design to restore to the people the security given by his Majesty's coin, be most humbly, but must earnestly, prays your Hetsourable House to reduce the taxes to an amount not exceeding that which was their. amount before the small paper suuney supplanted the coin Obis Majesty. " And your Petitioner will for ever most humbly pray, 4 ' February 20.1826. • WILLIAM CORBETT." brae Petition having been reed, was ordered to be printed. estosizsager NOTES BILL. • ughe CHAbICELLOIL of the EXCHRBUER • moved the 40 the Day for going into Committee upon the above BM. Lord A. HAMILTON wished to put a question to the Chancellor of the Exchequer whether or not it was intended to put the Scotch currency on the same foot- of the two countries ; but be attended with extreme inconvenience to have one permanent measure for England and another for Scotland. Peeling thattn certainty in the public mind on arch a matter was by all means to be avoided, be would take occasion to call the attention of the House to the subect in the tame of the present Session. Mr. P. GRE ISFKLL wished that an account of the circulation of U. notes should be tresented every quarter in the Cescse. Mr. CALCRAFF said, that the extension of the mea. sure to Scotland and Ireland would be most injurious to those countries. la the former place it had created a great ferment already, which the promise of the Right Ron. Gentleman, wrung, indeed, by a threat of the Bank of Scot land, will but in a sUght degree , alleviate. Ireland would be also greatly injured ; the mere *this its circulation is mostly carried on itione pound notes. Mr.WHITMORE,after drawing an analogy between the present period and that immediately preceding the year 1793, shekved that when the amount of paper in circulation was small, and that of gold great, there ex isted a natural tendency to accumulation in Bank issues. He was consequently for a larger expansion of the mea sure before the House. It was true, that in its present shape it went as far as the country could well bear under existing circumstances ; but he could see, that if its principle was not extended at a future period, ten years would not elapse before the country would be involved In deeper embarrassments than it had yet endured. He then pro. ceeded to discuss some proposed remedies, among the rest Mr. Ri cardo's plan, to which he objected, on account of the risk of friction, and other causes which, he said, Mr. Ricardo himself did not fore see. In eonclusion, be suggested a measure of which he was in clined to think favourably.--namely, the adoption of a Mint Note issued upon bullion, issued as a pledge. - - Mr. MABERLY complained of the measure: which had taken place between Government and the BAnk.4— Two millions of Exchequer Bills mentioned some nights since, were taken out of the market, to prevent a depre elation in their currency. Exchequer Bills had been depreciated 455. per cent A proposition for the issue of fise millions of Exchequer bills had been rejected be cause that would add to the depreciation which Govern ment attempted to relieve by the purchase of the two millions. The Bank was allowed to proceed as they liked in the amount of their issues, which, however ex ' tensive now, if the exchanges turned upon us,they would suddenly contract, and that would be sure to bring on the panic again. He would move for introducing 1 1 certain clauses into the Bill. la the first place he would have it waded that dam should be monthly reports published in the Omar of the moon of Bank notes in circulation for the pre. ceding moth The public, who would be the sufferers by over harp had a righi to this check upon them, the beneficial effects of which were taperienced in Franca The other clausal for which be wield awe were, that the exchanges, with the real par, should he monthly ; and aim an account of Exchequer Bills sold, elf, eredisrwiss disposed of; and Emily, an masons of the 1 C , od enduring et the deastry, which were important as 'Bea ks the rate of and mess 'Do* the last ten years, the ezptiru of Britain exceeded bet imports by two maims and a half. He admitted great fairness In tie ague, thethiaacelier of theEschequer, but on the present masks, he said the Right Hon. Gentleman was not so candid as usual. He ought to speak out at once, and put &Wane an the same footing with England. Mr. HOME was unwilling to express his grounds of difference with the opinions offered to the House this evening, as the House was about to go into a Commit tee. He regretted that ho was still unable to come to a derisive opinion on the closes of the late crisis. If he adopted the opinion of the Chancellor of the Exchequer he would ascribe. those evils to the over issue of one pound Dotes, an opinion contradicted by facts. Other opinions offered to the House wen equally remote from the title one; in fact all were contrary to the declara tions of the Report of the Bullion Committee, and were. 'mere assumptions instead of facts. He remembered when the demonstrations if: a celebrated writer, that a paper and metallic currency were incompatible, was scouted by the Right Hon. Gentleman opposite, though now it is the prevalent opinion of either House. He denied that the over issue (four millions) of paper con vertible into gold could produce the late tremendous crisis which involved the loss of 25 millions. Ministers, who were the responsible persons in that House, ought to adopt some radical remedy, and not to come forward with their present futile remedy, which he would al ways oppose, but would be glad to assist the other in its progress through the House. He maintained that the affairs of this country could not be carried on in an exclusive metallic currency; he (Mr. H.) had witnessed the impossibility of a commercial country carrying on its affairs in a thetallic currency, in India. The Hon. Member detailed the operations of an attempt of the kind in India. The Crown alone had the prerogative of issuing a standard currency; and he (Mr. Hume) charged Ministers with trespassing on the Royal prero gative, and inflicting numberless evils on the public,who, by the means of the present system, were exposed to the danger (verified during the last year) of being plundered by every schemer who gulled them under the name of merchant or banker. Admitting the cause of the late crisis to be that stated by the Right Hon. Gentleman,still the remedy would not apply to one-fourth of the extent of the evil. There should be a security demanded from country bankers ; and the Bank of England should be restricted equally ds to their power of issuing paper, for there was no stopping when once they began. Not but that be denied that paper convertible at a moment into gold could produce the late embarrass meats in the commercial market. As an exclusive metallic currency could not be carried or in this country, and that we must consequently have a mixed currency, he begged Ministers to adopt a suitable mode of obtaining a good, a Government, security, from all who ventured to issue small notes. The Hon. Member spoke of the advantages of the Scotch Banking system. Ile explained, in reply, to Tema? ks made on tne failure of 23 North American Banks by a Right Hon. Gentleman opposite, the precautions adopted in the State of New York in the establish ment of Banks. He wished the system of giving publicity to their dealings could be adopted by the Bank of England, whose system of secrecy, the Hon. Member said, created evils that were and would be irremediable, till the transactions woold be made pub lic. The present evils he ascribed in a great measure to ' this system, joined with the want of public confidence . He (Mr. H.) maintained that over issues of small notes liter e not the cause of the present crisis. The cause was, in his mind, owing to the. underhand dealings of the Government with the Bank, for the purpose of lower ing the rate of interest, and thereby raising the vAlue of Government securities. This reduction of interest led to speculation; the holders of money were anxious to increase their income. If the 'Right Hon. Gentleman ascribes the late evil to the excessive proportion of the paper currency, hew will he account fur the panic and Lions took place so early as December, 1823. And now that the conduct of the Bank was ie theme of such high eulogy, he would be glad to learn, was it or was it not a fact, that in the year 1823, the Bank advanced between one and two million to Mr. Rothschild, on a deposit of stock, which enabled him to carry that quantity of gold out of the country, and thereby withdraw it from the circulation here ?—(Hear).— He should be glad to be informed upon this point; and further, whether they had not made various. other advances to too great an extent, and alter they Lad raised the fever to its height, suddenly drew up and contracted its discounts, thereby mainly contributing to the distress which the commercial portion of the community now felt? Government, by agitating such a measure as the present, at this moment, addea to the evil: they should have waited until the panic bad gra dually subsided, which it would have done; but by such agitations as they now provoked they only added to its excitement, and promoted its continuance. As he had attributed the distress, in amain degree, to the loans extravagantly entered into, he would proceed to lay be fore the House a statement of the speculative contracts undertaken in the years 1824 and 1825, with a view of diming how mach had been withdrawn from the capital of the country in those wild and unprofitable schemes. In 1824 the amount of foreign loans contracted for in this country was 25,200,0001. on which was paid 12,505,250/.; if from this we deduct the Austrian re payment of 2,500,0001. the net balance paid by Eng land for foreign loans in 1824 was 10,005,25 L The foreign loans contracted for in England, in 1825, was 15,469,5711. on which 6,359,6231. was paid. Thus the, total capital of foreign loans contracted for in England, in 18`24 and 1825, was upwards of forty millions, and of which more than sixteen millions was actually paid. The total capital of foreign loans at. present the subject of specnlition in the British . money market amount to 33,769,5711. The total lOss accruing to the nation by the fall of price on this capital, below the contract price, 6,496,2951. and the total loss on this capital, as :hewn by the present market price, 9,796,4401.. Thus it would appear, that the Contractors, and others concerned in the foreign loans, raised in England during the last two years, are now sustaining a loss (between the present price which they could obtain in the market, and the price which they gave for the loans to foreign Govern ments) of six millions and a half of money ; and if 'we view the loss as exhibited by the high prices prevailing in the markets in the early part of 1825, compi;ed with those which could be obtained for foreign bonds at the present moment, there is a loss sustained by ones or other of the parties engaged in them of nearly tea millions of money. There was also to be taken into account the great fluctuations of mining shares by which six millions more were lost. The Honour able Member here enumerated several sums, snaking en aggregate of nearly twenty-five millions, which be contended bad been abstracted from the coin. try. He said, be would still maintain, that paper issue was not she prineipal emse of the distress; and although the mining and other schemes bad great effect in inflaming tile bitable, they ought not to be regarded as the leading and principal cause. The Ministers, in their anxiety to introduce a metallic currency, had lite rally become the disciples of Mr. Cobbett ; and in doing so they would do tenfold more mischief than ever Mr. Cobbett had it in his power to do. He would again maintain, there was no difference between a metallic currency and a currency of paper convertible into gold. Believing that the causes assigned for the distress were not the true ones—that the measures proposed by them were not commensurate to the evil, and that they would only tend to an aggravation of it—and with a view of ascertaining the real causes, as well as of providing an effectual relief, he would move, as an Amendment-- - . That a Select Committee be appo i nted ' to consider of the best means for placing the Banking Establishments of the United King dens on a better footing; for securing the holders of Bank Notes against loss, and for ensuring a metallic circulation in the country, commensurate with the wants of commerce, and the security piths country at all times." Mr. ELLICE seconded the motion. Colonel DAVIES applauded Mr. Ricardo's theory of the currency, and maintained that his Majesty's Minis ters would go on further and further into the labyrinth they were at, present in unless they abandoned their proposed medium. • He entered into a minute account of the work ing of the propoied measures, in relation to country bankers, with which he declared himself not 'edified, front their in na ture. He lamented the absence Of a proper check over the Bank's power of depredating the currency, by the unlimited issue .t paper at pleasure. Mr. Secretary CANNING would put it to the good sense of the House, whether it was either a profitable occupation of their time, or using his Right Honourable friend well, that he should be placed in his present position by the singular anxiety of Hon. Members who had now for three hours been assailing a proposition of his Right Hon. Friend the Chancellor of the Exchequer, without even permitting him to propound or explain his intended amendment, which of course, could only be done in the Committee. He hoped Ms Right Hon. Friend would not suffer himself to be betrayed by this inconvenient course, into a debate upon that which could only with propriety be de: tailed and discussed in a Committee. The amendment was then negatived, and the lethal proposi tion put and carried without a division. __ --- -- - ---- -- i n with the English. A t feelingbad gone abroad in distress of 1795? We had t Petition numerous ly s i gne d, consequence of What the Meat: IlooeuraMe GendenteseleadriMid *bathe Mgt WAS the same a of the abolition of Colm . an' *a a runaer 01 04, 11 .4 1 " largal4. " ti " cf . " 1 "! Its'asidia. shatefor* .., to au .. feeofetkiineat. ;_-,„.., m the County of Derby, lry ' ' ThifCHANCELLOit of tb&SICHEQUER thewihi; igHle . . 9f .. a feW Mini94l. ' °f pli 'midi, in the County a l. the siable . Lenthadielieepprehesekod ho inevning., uo sh.ine infect took place. when istiilt Wbdnesbury, by °AI "' diribit ietattdcto mix up therawn questions of Bcotch ' es nt g as a cause. toe:eat Defamer; from Chipping and En " of. these schemes to the cnndt 4 . 1 , y bi r s y , m . f rool is. gfish currency in one Bilk. He was aware that the Bank , which cat ried on a BUMS; from aarton, from a considerable difference existed between the currency v and of sup!l y 0f .... th . r; from Dellitore, by Mr. of the two countries 1 hot he conceived that it would :Dr* 79 PROMISSORY NOTES RILL. On the motion of the CHANCELLOR of the EXCHEQUER, the Howe then resolved itself into a Committee ache whole, upon the Promissory Notes BBL The CHANCELLOR of the EXCHEQUER ob served, that the amendment which he intended to pro pose would , come in at the 2d page, 19th line; the insertion of the words, 41 at any time b efore the 10th of October, 1826," in the blank, would effect the object he had in view. There were one or two verbal amend ments which lie should propose before they came to the part of the Bill to which he had alluded ; and he took leave to suggest that the Committee should proceed regularly with the clauses of the Uill, wail they came to the particular point to which he had referred, and which he should then proceed to disc ss. The first clause having been read by the Casco, a shot dis cussion arose upon it. Lard FOLKSTONE thought that the clause, as at prevent worded, would have the effect of producing a manifest injustice. Toe present nieasure repealed the Act of the 37th of the late King, the consequence of which was that the Act of the 17th of the late King was also repealed. Now, in bis •iew, when the si#sequent clauses ef the present lllt, prohibiting circulation, came into operation, ally uns fortunate poneeolmsksossesin their posseselon testa not tee less if payment of these notes was not demanded erklsin a certain tune. Toe CHANCELLOR ache. EXC H EQU ER thought the Noble Lord atimoderstood the effect of the clause. The words prohibiting the simulation of certain notes would not prevent persons possessing those notes from obtaining payment for them. The ATTORNEY-GENERAL assured the Noble Lord that the clause referred to alluded only to the issuing of notes el a particular description, and not to disk tires laden. The prohibition was apinseissolog and net circulatins,'lm4 could not produce the effect which the Noble Lord auticipeted. Lord FOLKSTON E knew that the injustice which lie keit described was not the object of his Majesty's Ministers; litit'Aelial statechhat be believed such would be the effect. The ATTORNEY GENERAL explained, and the doom was agreed to. Upon the clam that the Rank ahead cease to Issue Dank annum fur £1 and ZS after the 15th Feb. lase, Mr. CALC RA FT ro.e to state that should the amend ment which the Chanct llor of the Exchequer intended to propose be carried, he (Mr. Calcraft) shout.] priori* an atnendinent to the effect that the country bankers should have a concur reut power with the Bank of Eno land, and should not cease mimeo untilthe loth October . He should reserve his proposition, however, until the Report was brought up. The CHANCELLOR of the EXCHEQUER said he felt thankful to his Right Hon. Friend's kilai ens ea. yours to persuade the House to permit him to explaio in the Committee the object and precise intention of his amendment, with respect to which he could not but be lieve there must be some misunderstanding; and he confessed he thought himself a little hardly treated in the course which had been pursued by Hon. Members, relative to that amendment which they had made a topic of discussion before they had heard it. When, on a former night, the Hon. Member for Coventry bad broken out into a violent inculpation of the conduct of his Majesty's Ministers for having, in the case of the currency, abandoned as he called it, the principles which they had themselves laid down, he felt that his Majesty's Ministers had been hardly dealt with, a:id it suggested to his mind that the Hon. Member had been guilty of a similar error in the abandonment of his own principles relative to free trade (of which he was a warm advocate), with reference to the Si.k trade. His present proposition was generally misunderstood, as to what it was, and what it was not intended to accom plish. It was not intended to give the Bank of England any power to keep their notes in circuta.ion after three years. During these three years of limitation it was true that no notes of country bankers were to be al lowed to pass into ciiculation except such as were dated before the sth of February. His present proposition was to extend the circulation of Bank of England notes to such as should be dated up to the 10th of next Octo. ber. He could not see how it was possible that anyone could doubt, that if this was intended as a blow to anni. hihte all the small banks, it would be an aggravation of commercial difficulty. It had been assumed,: that to annihilate Bank paper instantaneously would be produc tive of great inconvenience, and that the safe way, therefore, would be to remedy the evil' effects of our system in three years' time by a measure slow, but cer tain in its operation. He was aware what inconvenience might arise if all the country bank notes were extin guished. The Bank of England,-therefore, had eat:- cised a power which was not of itself good, but which was desirable as a prudent measure.— He, therefore, could not see that this temporary con. troul and limited issue, to meet the emerge:rcies of the particular case, could be considered a departure from the principle of the Bill. The argument appeared IS him quite preposterous, and utterly untenable. The principle of the Resolution, and the found otiose of the Bill being, that a certain degree of delay was necessary marry the measure into effect,all those who voted at the former occasion were necessarily pledged to the principle. Gentlemen might very consistently differ as to the time; but those who had admitted 'the principle of delay, could not consistently oppose the proposition, unless it was at variance with the principle they had in view. In judging of the efUct the measuie was likely to produce, it was necessary to look at the spirit in which it was brought forward. In the month of De cember, when the idea had occurred to the Bank of issuing small no:es, the Government, in the most de. cided manner, when they had' expressed their ac quiescence in the plan, accompanied their coliseiu I with the assurance th.t they were only pledged to the measure as temporary, in order that the Bank I might avail themselves of the state of the Exchanges to bring about a complete metallic currency—(Hear). The same spirit under which they acted then influenced the Government now; and if the proposition which he submitted to the House could tend to defeat the ulte rior measure, he would much rather submit to all tie difficulties of having the amendment rejected; indeed, he should be disgraced for ever, if he dared chew his face in that House, after having been guilty of so gross a deception—(Cheers.) The only object of the measure was to enable the country bankers to meet the existing pressure; and of course the circulation of the small notes must be limited by the pressure. The country bankers would not throw their own notes opt' f the window, and they , would have no motive for substitut ing the B ink of England notes in place of their own, unless the country was placed in such circumstances as to render it necessary they should avail themselves of this aid. If they should require it, the assistance they must receive will be limited to the extent of the incoo venience they must suffer ; that, therefore, will be a sul ficient controul over the issu;s of the Bank; and if the county/ bankers should not stand in need of the assist. ante, it would not be their interest to receive Bank notes Rut it had been said, that this proposition had originated in the difficulties of Governatent,flom which they wee unable to extricate themselves. Now, that Governmea was in difficulties with respect to this question, he did not mean to deny ; but it was a little too hard that t!'g Government should be reproached because they ende? voured to remedy the evil out of which it arose; ,•! were they to be denounced as ignorant, heedless, at improvident servants of the public under such a pert liar train of occurrences, because they had not, by anti• ciliation, taken measures to prevent such an event? Soren it was not their duty,as public men and his Majesty's At. sisters, to come down to that House, and sit moping a mysterious silence, wishing for others to enter Up the subject of the currency, when all who knew ar.! thing of which men were, or that House was made of ; would only censure them for adopting such a line conduct. No—far otherwise had been their condor!. from a conviction that it was their duty to endeavour to attempt to shape the remedy or mode of relid for the present distress. Believing that most men :! that House thought that the currency was a subje t vast importance t 3 the wellbeing of society, and hti hence sacrificed their warmth of feeling and party spirit to meet the subject as became .men impaessed o hilt to importance, he could never think that any.9)jecti 4 was taken up to part of the details- oi.a seneaiure like this, merely to have a fling Government.' j.•~,i ~, ..-•