Star. — London, England, 1826-02-14 00:00:00

I i I . . • ~•.... NI . . . t 41 . • ••!.. , $ •, , ...... ~ ' 4 , . . . . ' • .. • s t • 1/ 1 14.1 .'- 4 .-. ‘':.... • ,:., • . • . (. . .. . . • • rap . 1 ifp . l .x t • .. . . , - • ,A. ,- Z:-t,i,',‘-• 4: . ~..f . • .. -at .4 • --••••„,.. • • :. :. , pv. _ . .. • Aw ... - . i, I. 1 NlliEß 12,170.] PARLIAMENTARY PROCEEDINGS. HOUSE OF LORDS, FrIIRUA ST 13. 11r. TIERNIST, from the Tax Office, presented copies of all casts rel.tivr to the Assessed Taxes, decided by the Judges under the 1.14 Art.—Laid on the table. _ _ Cnarrita, from the Treasury, presented Accounts of the Ctoorry Bankers' Notes, required by the order of the House of the 9tli of February.—Laid on the table. Lord K EN YON presented a Petition from the Inhabitants and - Wearers of Bolton, its Lancashire, praying for an alteration its, the Corn Liws.—Laid on the table. _ _ _ the Earl of LAUDERDALE moved for Returns of the Scamps i.%ued for Country Bank Notes, and of Country Bank Notes them sulves in. 17110 and 1793.—Ordered. The Earl of LIVERPOOL moved, that the Returns presented till- day from the Treasury be printed.—Ordered— The Earl of LIVERPOOL, pursuant to his notice, introduced Dili to amend the 49th of the late King, the Act limiting the r nuber of Partners in Ranking Firms. fie should now move that the Bill be read a first time, and be printed, and should flu the •rrond reading for Friday next. 'the Bill having been read a brat time and ordered to be printed ; cm tb,e motion of the Noble Earl, their Lordships were ordered to be summoned for Friday. The alarquis of LANSDOWN presented a Petition from the I .th..bitatits of the town and neighbourhood of Caine, in the county ss: Wilts, praying for the Abolition of Negro Slavery. Being folly ~,care of the diffieuhies of the astiajtet, the Noble Marquis wished t $ avoid making any observations in the present state of the pro. yedings eonni:eted with certain events in the :West lodine, but I,:omntentiod Wl° the most serious consideration of Parliament. Laid on the table. The Noble 31Agettos then presented Petitions to the same effect from the Borough of Lewes, in the County of Sussex; and the Town of Fotham, in the County of Wiles.—Laid on the table. Similar Petitions were presented—by Lord Concuarraa, fiom Colchester ; by the Earl of Csnensegox, from Chippen Wickham, in Buckinghamshire; by the Earl of Coax, from the Town of Frome, in Soniersetsbire.; by Earl Semmes, from Thrapstone ' in the County of Northampton; and by Lord Essex, from the Bo rough of Leominster, in* the County' of Hereford.—Laid on the table.—Adjuurned. ROTA OF LORDS APPOINTED TO ATTEND THE HEARING OF APPEAL CAUSES DURING THE PILE A SEN'r WEEK. This &y, Feb. 14—The Hilltop of London, Lord Colville, of Cuiross; and die Duke of Clarence. Wednesday—The Bishop of Gloucester, Lord Clifton, and the Lel of Puwis. Thursday—The Duke of Grafton, Lord Fitzgibbon, and Via- CUJIII Dudley and Wad._ Friday—The Earl of Jdrsey, the Archbishop of York, and the Marquis of Camden. a.? The Lord Chancellor presides on Wednesday and Friday, and Lord Gifford, as Lord Deputy, on the other mornings of Sittings. HOUSE OF COMMONS. The Srzazea took the Chair at the usual hour. Mr. Tautest, from the Tax Office, brought up a Return of the Assessed Tales.—Read, and laid on. the table. Several Private Bills, principally relating to Roads, Railways, Canals, Ica were brought up and read for the first and second dote. Mr. Serjeant ONSLOW gave nodte of his intention to bring up a bill to amend the Usury Laws. Mr. BIRCH presented a Petition front the Manufacturer of Nolinghant, praying for' a revision of the Corn Laws. He said c i at he had lately visited that place, and that be there saw very siclful mechanics, who could earn formerly sufficient wages to thernhilveaMid fatuities with comfort, but were now reduced m the :necessity to earn one shilling a day, by mending the roads. They all astribed this to the partial alteratloas of the Corn lain. lie klleV, there were many IHouourable Gentlemen present, Who laid that Alley did not wish she Corn Laws to be anaended, but he ',sold only direct their attention t i n the different Petitions that ! s eri daily presented in that House. Th ese Petitions stated the aad distress of thousands, kept tip by the existing Corn Lawri b l:n r l it they did not alter their opinions, after reading those Petitions, fie sho old blush for tho-m. Let them look at what occurred in 1916, ' , two. the Laws, and he felt assured, that a speedy good harvest N. as the only thi ng that could save the country front a repetition of v at happened in that year. He would not say any more on the . )ject, because he knew there was an Honourable Gentleman then the House who would do the subject more justice than he could. :'ore Petiti4ners, he said, also complained of the great weigLt of taxes they were oppressed with; and he (Mr. Birch) hoped that die House would do something to alleviate the sufferings of so many individuals.—Ordered to be printed. Mr. DEN MAN presented a Petition from the Frame-work Knitters of the town and vicinity of Mansfield, praying that the l'orn Laws might be repealed.— Read, and laid ou the table. The Honourable Mumma also presented a similar one frOm the town of Knaleswortb. Mr. WHITMORE presented a Petition from the ♦Alerchants, Iklannfactures, &c. of the town of Cholford, praying an amendment ut the Corn Laws.—Ordered to be printed. Mr. LYGON presented a Petition from the Silk Throwsters of Worcester, against the importation of Foreign Silk.--Laid on the table. Mr. P. MOORE presented a Petition.from the Ribbon Trade of Coventry against the importation of Foreign Silk.—Read and Lid on the table. The Honourable hleinber inveighed strongly agaiug the importation of Foreign Silk, the more espeoi.dly as the workmen were at this moment in a state of great &stroke, which would be iticreased by allowing the importation of silk. Petitions for the abolition of Slavery were presented by Sir C. Coepaam.a. front the Borough of Evesham : by Mr. SYKES, from the inhabitants of Cottingham : by Mr. Laser, from the Kirk Se.sion of Dundeso and by Mr. Bzwerrr, from the inhabitants of Nlelksham ; all orwhicla were read and laid on the table; as were several other Petitions of the same tenor. Alt. WILSON presented a Petition from the Merchants and Manufactureri of the Port of Loodon,praying for a further Redue t.on of the Duty on Tobacco, &c.—head and laid on the table. Mr. 11U ME moved, that the Account of the Number of Pounds of 'lobacco, imported into this Country since the year 1789, up to uir present year, should be brought before the House. Also the Account of the Number of Pounds of Tobacco or Snuff se:zed by the Excise or Customs, where, and when seized during the same period. Also the Quantity of Matt charged with the Ride Duty 'Joie init.—Also the Quantity of Geneva under the mane duty, during air same period. With the Number of Gallons of Spirit distilled from Sugar or 1.01(.1 material, in Iceland and Scotland, since ith January,lBl9, to, 6:h January, 1826, not entered on the Parliamentary Records. Tlie Hon. Mauna also moved that there should be laid before the lluuse a List of the Number of Nominees admitted under the sath Act of Geo. 119. with their Names, Ages, and whether male sat fcrnAlt, the amount of Stock received; also the amount of Stock trai.sterred, Its value in money, and the Number of Deaths of the '""tt Nominees, up to 1826. The Hon. Gentleman said that the progress towards the discharge of the National Debt was very slow, 411. i he hoped that upon those various various accounts being laid boort the lions( it would tlevise some plan of relieving the nation 110.11 91101 J oven. lie was quite satisfied that the system upon wh:ch toe House was then acting would not reduce the National ! , clot ,me pound. Upon Inc motion of Mr. Bemire, the Report of the Commis. Out. an 1797, relative to Cash Payments, was ordered to be re. pned. tiveret3ry PEEL postponed toWeritiesdays the ltd inst. his &Amon for leave to bring in a Urn to regulate the impaneling of dlifieS, which was fired for to-morrow. Mr. HEARERS brought up the Report of the Committee of .`-cpp:y. On the question, that the Resolution of the Coulmittees be ;littil 10, .41r. NIA BRA LEY rose, not with the intention of opposing t 3lotion before the Hoot*, but for the purpose of giving notice, cat upon the House resolving itself into a Committee of Ways ••!.: ‘ie ins he would submit a Motion, embracing the whale sub. list connected with the issuing of Exchequer bills, and many most consishirations relative to the Funded and Unturided 4 1:): of ti Country. .ie t 7 IIANCEI.I.OIt of the la CHEQUER whaled to knew pitticular Foists it was the intoorkto of the lion. Membei TUESDAY, FEBRUARY 14, 1526. Mr. MA BEELEY said, he was anxious to introduce a dis oussion as to the expediency of issuing Exchequer Bills; and as to their amount, he also wished to see the connexion between the Bank of England and the Country distinctly traced, as well as their operations relative to the Funded and Unfunded Debt. He gave this notice in ordtr that the Chat.cellor of the Exchequer might be prepared next Wednesday to name a day for the discus•iun. in his own opinion, the second Committee of Ways and Means would afford a favourable occasion for the purpose. The CH A NCF.I.LOIt of the EXCHEQU,ER gave notice, that on Wednesday next ho would move that the House resolve itself into a Committee of Ways and Means. ADJOURNED DEBATE ON THE BANK AND CURRENCY ACTS. The CHANCELLOR of the EXCHEQUER moved the Order of the Day for a Committee of the whole House on the Bank Charter and Promhanty Note Acts. Sir. J. %1110T1'ESLEY opposed the motion. He deprecated the proposed measures, and called upon all, who had heard the statement of the Right Hon. Gen tleman, and who agreed with him in thinking the views it contained erroneous, and the remedies it suggestei not likely to mitigate, but rather to aggravate, the evils, to unite with hire in a determ;ned resistance to their further progress. He most beg the indulgence of - the House whilst he detailed the grounds on which his opposition was founded, and he was confident that ulion this occasion that indulgence would be extended to him. He claimed that degree of, indulgence which the Muse was always ready to bestow upon those who undertook to advocate the interests of large classes of men, upon those especially who undertook the defence of what was more valuable than any other interest, the character of such classes for honour and integrity. For it could not be denied that the character of the Country Bankers Was deeply. implicated in the charges brought againt them. It was he thought a question on which very different opinions might be entertained whether it was wise and prudent conduct on the part of Admiois tration to bring the subject of the existing distresses specifically and formally before the House. This was not likely to produce any good effect, and might in crease, and lie believed had in fact increased the evil. Ministers would say, no doubt, that the state of affairs was such that others would have forced it upon the attention of Parliament, if they had abstained from doing so. But he was of opinion that they would have done wisely if they had merely adverted to it col laterally, to state that it was best to leave firings to themselves, expressing their e3nficlence that the energy and spirit of the country would be sufficient.to bring every thing round. If they had done this ,he ,be- Hewed that the distress would more speedily have passed away.' Any notice of the subject by un official persons would have been comparatively of no consequence. The. mischief of increased agitation and alarm which the country was now suffering, were to be imputed entirely to the conduct of Min'sters. The Honourable Gentleman here commented - with great severity upon the letter of the First Lord of the Treasury 'and the Chancellor of the Exchequer. Ao the Book Directors.' He complained of the general and swasOag accusation it conveyed against 'Country . tauter., or Aaysninticled and abetted the era" .sue tions into which the wbOle kingdom bad rushed. 'Freon this unjust charge he would vindicate tbem.. There was no class of men who took more pains to prevent improvident speculations. It was their pla;n interest,: and they considered it their first duty, to make - every possible inquiry as to the conduct of their customers and the manner in which they carried on th it affairs. If they discovered that any man was entering upon' wild speculations, they admonished and recalled him to the path of regular and legitimate trade; or if be were too obstinate to be recalled, they, from that time, withheld whatever assistance wad ac-Ammodation he might have been in the habit of receiving., The accu sation he would condemn as most cruel, partial, and unjust. The One and two pound notes issued by Country Bankers forsooth to be charged as the causes, of the speculations, when it was well known that the first appearance of those mad speculations was at Man chester and Liverpool, and their second at the Stock Exchange in London; two parts of the Country, and, the only two parts where no such thing as a one or two pound note was to be seen. It would have been a great deal more correct it Government bad taken the blame upon itself. At the period of the South Sea scheme, a most wholesome Act of Parliament had been passed to prevent the recurrence of similar bubbles. The virtue of this Acf had been greatly impaired, however, by a decision of Lord Ellen borough, on an action brought against a Joint Stock Company, the proprietors of some steam mills. The question had last year been again mooted in the Court of Chancery, when the opinion of Lord Eldon did not appear to coincide with that pronounced by Lord El lenborough. The law -was brought into a state of great uncertainty by those conflicting opinions. Was it not then the duty of Ministers to get a declaratory act passed, when the wilde:t and most absurd schemes were daily brought under the notice of the House ? So far from doing this, they did just enough to prevent any body else from doing it. The Attorney General brought in a Bill which w.as suffered tee lay neglected upon the table during the whole Sessioii. Was he not then justi fied in the assertion that Goveirnmeht had been more to blame than the Country Bankers? The next subject upon which he would touch was that of the Bank ("bar ter, and here again was' an illustration of his opinion that the Country Bankers were ill-used. Uron what security does the - Bank of England hold its charter?— Upon the faith of Parliament. Upon what does the right of the Country Bankers to issue one and two pound notes depend ?—Upon the faith of Parliament. What gives thellank a right to hold its charter till 1898? The falai of Parliament. What has guaranteed to country bankers the privilege of issuing these small notes till 1833? The faith of Parliament. Why should the faith of Parliament be broken in one case more than in the other ? You get them into the scrape and then all or a sudden you compel them to draw in their notes. The three years' notice is merely nominal. If this area sure takes effect, they feet that they must as speedily as possible draw in the whole of this part of tqeir issues. He suppose d it would be contended that their privilege had been abused by tke excessive issues; but he would ask, had the Bank of England never fallen intofxcess? Who was it that reduced the value of the Bank note so low that a vino% b:caunt 'vrotth tvraorseven shillings? Could that conduct of the B ink haVe been conti,reied as a forfeiture of their charter. The fact of the country circulation having doubled between the years 1',22 and 1825 is a fact ea.ily to be eiplained. Commo dities had doubled in price.- The bins of exchange Which the bankers hid to discount for their cus tomers were . consequently of a double amount. — ;The amount of notes in circulation would be found to have coincided accurately with the rises in prices. In 1825 corn and cattle were twice as high as in 1822. In the latter quarter of 1825, when the pressure in the money market was indicated by a fall in Exchequer Bills, the amount of country bank notes was diminished. The distress of the poor, produced by the . fAilore ot Count!) , Banks, was a circumstance t hick none but the lowest of mankind could disregard, but it must be re collecteJ, that no poor man need keep a hank note in his possess'on for twenty-four hours. If he wished to save monei(, and had it to save, there were Savings Banks in every part of the country which would* pro tect him against every danger. . For the protection of the poor everything ought to ire done; but negligence Or carelessness couli not be protected—. The ciLculation. of the whole country, except L mdon and Lancashire, con.isted of one and two pound notes, and great diffi culty would be experienced if they were withdrawn.— He. did not say that the country could not go on Without them, hut he deemed it impossible that business to the same extent could be cats ied on. Whatever be their amount, an equal amount must be rendered useless— which is now employed to set our manufactures in mo tion. It was contended that the establishment of Joint Stock Banks would put banking upon a better footing. did not believe a word of it. Perhaps in Lan cashire, and in Yorkshire, you may have great Banks established—you may have great Banking Companies formed, but he did not believe that they would generally be established in the other manufacturing .districts. as they could not have chatters, for the Bank of England very wisely. as he thought, objected to charters luring granted to any of the new establishments. The combination of thirty, forty, or fifty adventurers indeed, in a John Stock Bank, was not an improbable event; how far this must aggravate the evil it was calf to foresee. 'The Provincial Banks had been the aseani of stimulating the industry of the country ; they formed and established themselves precisely in the situations Where they were most required. With regard to the allusion to the present charac ter of Country Bankers, contained in the letter of Ministers, he ; ese,sld not condescend to reply to it. The highest testimony to their &meter was to be found iu the prompt, unsolicited, and general digiaratioes of ctinfidence and esteem made in favour of so many iittliem in the towns and neighbourhoods where they were estab fished. He would again, in conclusion, call upon those Moo. Gentlemen for their assistance, who thou ght, as he did, that the proposed measure could do nothing but aggravate every existing calamity. He would call upon them to unite with him in oppo sition to measure., the prejudicial effect of which upon public credit lieeame more and more manifest every twaty-four hours. .Ifibinnis were left alone, he believed they wouki improve; but if *se measures were persisted In he was confident that alarm and "einharraisment would daily increase. Alderman THOMPSON took similar views of the subject. It was with regret he felt compelled to diw t erit upon this otcasion from Ministers, with whose •.fr airr ici:les of conimercial policy he general(' agreed. Was it upon the priakefple . of , thewt. glivasnr.io 1 • . • . that he dissented troth the m , his objections ap'plied only . to the moment of their introduction. Ile though t Oka cause of the present distress was a combination O gulls speculations and excessive issues.:•reciprocally lating and promoting each other. In the years 1825. 24, and '25, a progressive increase of the currency took place, and the manufacturers were getting high prices; 'but when the check took place, the consequences were dreadful. The failure of one or two Banks produced a general run upon all, and produced the failure of 70: - He would attempt an estimate of the degree in which the circulation of the country had been diminished by these circumstances. Supposin_g the 70 Banks which had failed to have issued 50,0001. each upon the average, and this he thought a very mot:nate estimate, here •would bia diminution to the extent Of three millions and a half. If the whole provincial circulation had been twenty millions, this would reduce it to sixteen and a half. From this a-nount he would deduct fifteen per cent. on the diminished issues of all the houses which hadstm,d, but all of which bad, as a measure of necessary pre caution, withdrawn a portion of their paper from cir culation. This would give two millions and a half more, making altogether a reduction of the provincial circulation to the amount of six millions. What serious effects then might be expected to flow from a further reduction of four millions, which would be produced by calling in the one and two pound notes.— It was said their place would be supplied by gold. But how is the gold to come ? We cannot get st except in return for our exports. We are not exporting however. -There is a general stagnation. Although commodities generally have fallen twenty per cent. the foreign de mand, neither for manufactures, nor fur colonial pro. duce, appears to be stimulated. Such is the general distrust that no merchant can get discount for a bill. The importance of that portion of the currency which it was proposed to annihilate, was net duly appreciated. He was connected with a manufacturing district, in _which the amount paid monthly for wages alone, and paid in this di:cription of cunency, was not less than two hundred thousand pounds, and to the honour of the Bankers of that district, he would say, that during the late pane not one et them had failed. The manu facturer obtainid in payment for his goods the accept ant.: of a men chant, probably of London, or Liverpool,- or Glasgow. By the accomm.,datitin of the Banker sa l his neighbourhood he could get this bill converted into currency, but if the currency was to be gold this could no longer be done. As to the idea of Joint Stock Banks, he viewed it as a fallacy and a delusion. The •mese number of partners in a bank wi'l not inspire confidence. Ti.e prudei,ce of a Banking Company, and the manner of conflating business, is more considered than the magwtude of capital embarked. Bran ch Banks from the . Bank of England, if It Could be induced to esta blish them, would, be befitted, be productive of great good. lie would conclude by . expressing Isis opinion, that in the present situa tion of the country it Would be an act of madness to proscribe the small note circulation. lie had felt it his duty to say thus much, and-be hoped the House would well weiglethe consequences before it adopted the proposed measure, bearing in mead bow inoeb more oilieuit at eras to bond up than to destroy. „ Mr. LEYSTEIt said, if all were left to the Country Bankers, all would be at sea without compass : the consequences of . departing from tbe uaity of the power of jawing peper.n.uney...•• 4 A mob is the iliat• was as [PRIcE SEVEN PENCE. - . bad as a mob in the House." . He was sorry that the Chancellor of the Exchequer did not go further. Why were not five pound notes 'withdrawn? As to the Joint Stock Country Banks they were liable to many ohjettions; the creditors *ould be worse off than ever Besides, Country Banks that were substantial would not take additional partneta, not desiring to part with good things; unsubstantial hanks would noVtive new partners, rot c4ring to declare their in solvency, aol to hoist the Bag of distress. And there was mere chance of a black sheep amongst twenty than a mongstsix. Mr. T. WILSON could nit anticipate the least ad vantage from the measure; it had produced, was pro ducing, and would produce the greatest evil. He would not speak as the representative of any particular class —he spoke as the Tepre:entative of the City of London. ‘Vhat had been the situation of the City of London ? A; the mornentavhen Banks were failing every day, the alarm and panic had not been easily arrested. Here the lion. Member adverted to the meeting at the Man sion -house, and warmly eulogised the conduct of the Hon. Member for Taunton. What was the cause of the lamentable condition of the country? Is it war, famine, or pestilence? Hs; a war broke out suddenly, and have our merchants Wit two or three millions of foreign debt? Is it that we have bad a bad harvest, and that a million of money is going abroad to pay for corn ? None of these things. The simple fact is that we hive overtraded. But it is not the first time we have done so, and we should now, as we have formerly done, get out of out difficulties if confidence could be restored. But confidence was a delicate thing. Villent measures could not restore it, men could not be dra gooned into confidence: He had. been happy to see that the suggestion of his Honourable Friend the Member for Taunton, had been thought worthy of the. attention of the President of ,the Board of 1i ade. !—He alluded to the, proposal for a mixed cto tenon — We received a great quantity of silver from South AmeriCa and other places. What could we now do with it ? Buy sovereigns at a loss of one and a half per cent. , The Honourable Gentleman then proceeded to explain at some length the advantiges which he thought would arise from a currency of a mixed basis. It had been urged that if the system of small note cir culation was not now got rid of there would be no hope of its dangers commanding attention when prosperity had re. turned. He could not see the force of this argument. The Minis ters were-ia favour of its abolition, many - Honourable .Members on the opposite side of the Horse were • equally so ; was it to be supposed that they would lose sight of their object, merely because circumstances had become mote favourable to its attainment? Great sympathy had been expressed for the sufferings of the poor. His opinion . was, that the proposed measure would inflict addi tional distress upon that portion of tbe community. He reevm mended the plan of requiring enmity for small notes in prefe rence to that of prohibiting them altogether. The measure, he apprehended, would beat the least nugatory, or, if it produced any effect, it would be mischievous. Mr. J. SMITH defended the conduct of the Country Bankers, and observed, though he should give his vow upon the Rresent occasion to Government, they ought to weigh 'well the cause of the-pante, in giving their aid to prevent its re-crecntence. The blame was lard on Country Banks, and he might fairly and reasonably say wire tbiy to bhme 2= No I He *new, and *is ported-in his. statement try the 'testi moray of several en ' fortunate Country Bankers themselves,that they frowned on the spirit of specdlation and employment' of capital which had existed. The feeling which existed was, that they had lent themselves to aisist in the mania. Now he contended that the conduct of those unfortunate in dividuals had nothing at all to do with that Madiplrit of speculation. He thought his Hon. Friend's speech was rather precipitate—he had alarmed and agitated I large and respectable body of men, who bad not en• couragcd it, but sought rather to encourage the trade and commerce of - the kingdom. They surely did not deserve the sweeping cetisure which had been parsed upon them, with respect to the alarm and panic which had spread far and near; he thought his Honourable Friends tnight have used a little more caution; would it not have been better had the matter passed over for a short time before the question of currency was brought for ward and discussed ?—he• should have thought at least a month of two hence would have thaws' more prudence, and must say, that in the haste and hurry which had been .exhibited the parties had overstept the bounds•of propriety. With regard tothe currency every body cried cut fora gold currency with the same warmth which they applied for a silver orw. He ;evil. lected a circumstance which occurred some.few years age,in which cert.rin par ties were detected carry ing about in a cart, a itira false bottom, immense quantities of bad and corrupted silver, and though their puoshment was heavy, it was totally inadequate to the offence. Though we have now a silver coinage of unexampled brilliancy and beauty, he bad not heard of a single counterfeit crown-piece, and therefore put the ' tact to ibis lion. Friend. One incident recently Oise within his 1 knowledge, which marked strongly the inconvenisncies arising from a lack of silver, and which was, that a mercantile house, high is repine, had not atmally sufficient to pay their workman of the dourday night, and were therefore compelled Iron necessity to 'lune small orders on paper, which they tendered about in lien of payment. The circumstance which most marked the inconsiderate haste which was shows is bringing she speedos before the liouse was, that en the 13th of January, in the pram* you, the metro polis was comparatively tranquil. and the pink had somewhat sub 'sided, yet on the of February following it was aroused, and had not yet subsided, and mesa** the questiMs having beet brought forward, be sincerely trusted that the Mosso would, by some wise and praiseworthy resolution, bring thematte, to an issue at sum. Mr. C. GRANT was surprised that his Him. who had just sat down, should have closed his'speeck with a wish that the ouse should .bting the matter to an issue, when in the earlier pail of his remarks be bad expressed his regret that the question had not bees allowed' to slumbet for a month or two. He begged leave znost materially to differ with his Fiseed, and mug beg leave to say that the House would have fa•led in their duty to the country if they had she mac from immediately bringing the question befute them at the commencement at the Selman. It might have bet .n considered p•liaic if it bad not been discussed until the panic was hushed, but as it was, he considered the mea sure a wise one, for had it not thus early been taken up it would, in his opinion, have been a shansetel 4. 4 .e1e- Itction.of duty, and the sooner the effects of else panic were overcome the better. In one opinion, he believed, they were alt agreed, and that was, that the. distress which was then raging with such violence would, at no distant pesiud, pass awa7t And .conhdthice be fully re sumed in the different irroeattorts fit trade and continence. It was always found that in pteporttun , to the depth of the enite;Silies so would the re-actioa be Sound •