The British Press; or, Morning Literary Advertiser. — London, England, 1826-02-03 00:00:00

PARLIAMENTAR I INTELLIGENCE. HOUSE OF LORDS, THU asnay, Fri.?. Vestrreaiii l eing the day appointed for the opening of the Sett .- aLe an et era, the necessary arrangements took place for the ceremony, ins the present tension, wet perfwerneW' by, s Cumunesioners. his Majesty baring previously signified Intecaten btirg present. At twelve tAlock the customary itrApection of the cellars, he. - illont the Dome of I.ords, h the presence of Lord Uwydyr, ttte !..ord (heat Lttamberiam i Sir T. Tyrwhitt. the Usher of the Black Ttod, and a party of the Yeomen of the Guard, &c. took place : ont ise the King AO tot attend the Moose, they were not in full l'ourt costume. Th. ,artichlar cellar that went by the name of " Uey Fawkaa's teams, tl , e one ie which dug conapiratnewae covered, co longer milts, having been demolished is making way for the sew committee.toorne, libraty, 82. recently • rri4ted for the Homier& Lords. It pita be in the teeollection of onr readers that, in the year 10.4. a Royal Coromission passed the Great Seel., which appointed .. 1 0`r4 Gi ff ord to act as Deputy Speaker of the House of Lords, in •the abitetice rf the Lord Chancels'. We sincerely regret to state ti the continued indisposition of the eminent person who has so , • •Prigt. so ably, and so courteously presided in tbelr Loitiships' //Mgr Mould have green rise to such a contingency. and Lord .'ford Orter Ted rtsterday. At twenty minutes past two o'clock. '.ere Elris of Westmorland. Shaftesbury, and Harrowby, and Lord iiiturd, haring taken their seats as his Majesty's Commissioners, toe Lk putt' Valet of the Black Rod was ordered to require the at. tel),ltsi.ce of me House of Commons below the Bar. In a few minutes the Speaker appeared, accompanied by a large portion of Members. The Royal Commission appointing these Noble lord ! mart bang read, the Deputy Speaker. Lord Gifford, eleliveted the following Speech in a very dignified manner " lip Loads mid Gentkmen, • Ws are commanded by his Majesty to inform you, Oat his Illsjaify has teen with regret the embarrassment which has occurred falba rcunlary transactions of the country, since the close of the last Session of Parliament. " This embarratamcnt did not arise from any politieni events, tithe: at home or abroad; it was not produced by any unexpected demand upon the Public Resources; nor by the apprehension of ar.y Interr iption to the general tranquillity. " Senn• of the CaLISCI to which this evil must be attributed lie without the reach of direct Parliamentary interposition, nor can Warily against the recurrence of them be found, unless in the ex perience of the sufferings whirl► they have occasioned. " Cut to a certain portion of this evil correctives at least, if not e frectital remedies. may be applied ; and his 3lajesty relies upon your wisdom to devise such measures as may tend to protect both private and public interests against the like sudden and eiolert ~ ", l attnns, by placing on a more firm founihition the currency and cireulating credit of the country. "'Hitt Majesty continues to receive from his Allies, and generally from all foreign Princes and States, the strongest assurances of their .frietnily disposition towards his Majesty. Ills Majesty, on his part, is constant and unwearied in his endeavours to reconcile con. flitting interests, and to recommend and cultivate peace both In the Old World and in the New. •• His 3lajewty commands us to inform you that, in pursuance of NEM , . his Majesty's mediation has been successfully employed In the conclusion of a treaty between the Crowns of Portugal and Brazil. by winch the relations of friendly intercourse long inter rupted between two kindred nations have been restored, and the indeocoJence of the Brazilian Empire has been formally acknow ledged. •' His Majesty loses no opportunity of giving efl.ct to the prin. vi!)lev of trade and navigation, which have received the sanction of Parliament, and of establishing them as fax u possible by engage. tralit4 with Foreign Powers. " His Ilikiesty has directed to be hid before you a copy of a Convention, framed on these principles, which has rectntly been concluded between his Majesty and the King of France; and of a similar Convention with the free Hanseatic cities of Lubeck, Hee. aun t and Jiainburgh. " Ilia Majesty has likewise directed to be laid before yon a copy of • Treaty of Amity, Commerce, and Navigation, con e:Laded between his Majesty and the Republic of Colombia, the ratifications of which have hem exchanged since the close of the hiat .4ealion. For the carrying into cffect some of the stipulations a' Treaty, kis Majesty will have need of your assistance. " liss Majesty regrets that he has not to announce to you the terrn.ration of hostilities in India ; hut the operations of the lut campaign. through the bravery of the farces of his Majesty and of the tact India Company, and the skill and perseverance of their commanders, h►ve been attended with uniform success; and his /lleesty trusts that a continuance of the same exertions may lead, at no distant period, to an honourable and satisfac tory raitheation. His Majesty's attention has been dincted to the consideration of several measures, recommended in the lest Session of Parlia ment, for improving the condition of Ireland. " The industry of that part of the United Kingdom, his 3lajesty bad the satisfaction of acquainting you, is in a course of gradual and general advancement—an advancement mainly to be attributed to that state of tranquillity which now happily prevails throughout all We Provinces of Ireland. "Gentlemen of the Norse of Commons, " Hu Majesty has directed the Estimates for the year to be pre pored sod laid before yes. •"'Thef have been framed with an anxious desire to avoid every expeaditure beyond what the necessary demands of the public service may require. " fits kajesty has the satisfaction of informing you that the produce of the Revenue in the last year has fully justified the cx. pectations entertained at the commencement of i:. " My Lords soul Gottlecten, " His ilajtisty deeply laments the injurious effects which the late pecuniary aisle must have entailed upon many branches of the consnserce and manufactures of the United Kingdom. "But his Majesty confidwidy Whores that the temporary check ws,ldt commerce and manufactures may at this moment experience will, under the blessing of Divine Providence, neither impair the great sources of our wealth, not impede the growth of mime' proaperi ty." . . . The Commons then withdrew, and the Lords Commissioners retired to disrobe. At five o'clock Lord Ourroau took his seat upon the Wool sack. The Earl of LIVERPOOL moved the first reacting of the Se lect Ve.triss The King's Speech was then read, first by Lard Otrrotis, and afterwards by the Clerk, after which, - - - - - - The Earl of VEItULAM reee to move the Address. The Noble 1:srl observed that, ip rising to move an humble Address to his Ma jesty, he considered it s task teen easy nature which he had to per form. Ile Mina difFealty in addreesiog their Lordship on the pre sent occasion, when there was nodomestie calarnityof an alarming nature to deplore--no foreign warfare to contenffiwith. He bad to con /casuist': their Lordshi's upon the situation in which his Majesty's Message and their Lordships' own conviction showed the country to be in. With respect to the late difficulties in pecuniary truism dans i but man was born to trouble. and it unfortunately hap. petted on the present occasion that his Majesty had to atJuth to tem. pornry ditficultite, which must be of shunt duration. The ffrat was the extraordinary and unlooked fur panic which suddenly seized the people. This panic was the more extraordinary. as money wan name plentiful last spring than he had ever known it to be. This very abundance was in a great degree instrumental in producing the late embarrassments in the continereial communityi Capitalists were not satietied with the low rote of interest, and thee., were led away into wild speculations, which ultimately produced no return. ft became necessary for those ads enturers to moct other engagements, and in thsir efforts to sustain this stretch of their credit distrust commenced. The bankers were drawn upon, and the stunt spree , ' through the country. Parliament, he hoped, could devise wine measure so correct if not to check the dangcmus tend. ency of inceutious specula:ion. This was tile main cause of the late pain., which like a torrent, for a time carried desolation with Iles Meisel, had recommended to their Lordships t 3 devise Mane measure to remedy the evil, and he was certain the appeal would not be in vain. He would remind their Lordship of the manly and spirited meaner in which the preature was fel: by merchants, sad other individuals, and by his Alajetty's Government also, es sustain the coedit of the nation in the hour of trial These were Cluns of cougratulatiou and triumph. hush exertions and partial sacrifices would restore and improve public credit, and plane it upon a more solid basis than ever, whilst the unfortunate experience of past calamities would correct the .wild extravagance of speculators, and teach them leSsOrei of wisdom and moderation. kits Majesty had also occasion to allude in talus of regret to the necesity of continuing the war in . India: but it spas consoling to reflect that it was not originated for the purpose of ex tending empire but from necessity, and the datervintation to sue. tams the notional character for that pre-eminence which always distinguished it, and which would always' by her: best safe r/mil quart aggression. It was necessary far dm security of our dominions in lodia to establi‘u our lere-endhente there. A sincere subject of congratulation was the .filsrx* asoucances which his Mejesty continues to receive from fegJign wit*, who wpm anxious so extend the blessings of peace to the whole world. Wkh respect to the treaties and conventions which:kis Majesty had directed to be laid before the House, they could ant Mil to meet with tboir Lordships' CODelltreace, as the object of OA negotiations bad been to emery into effect those very measures which they bad Osetiot.oned:lme jam. The state of Irelaod naturally attracted ahasssios, atosioa of his Majesty, and it was pleasing to olisorre the rapid improvement of that cottony. k:aucation,•and the ate iin proventerits in the administration of justice..tentled mach to the permanent tranquillity of dim country. His Ltiedship sold that he codl4 not better cdercluile his address than .lay nuntiag the let Pa. rsgrapti of his Itlejesitie ttpeeellt. which 'etas expensive of the con fident hope that " the temporary check which counneree and ma. Inifactures at this moment experienced, wilLittalertthe blessing Plrivine Pnvri4ence, neitherimpair the great enurces of Our vrealrh, nor impede the growth of national prosperity." Tire Noble Lord thcn mured en Address tea his 3lajesty,. which was, as usual, an echo of the Speech. The Karl od SLIEFFIELD rose to eeenna the motion. Respect for their Lordsfaps won prevent him from trespassing upon I them at anylingth: It efts a .subject of congratulation that peace .11041 ptomain, prevailed,' In the partial embarrassments whieb 'lately *nutted, the stiplevininufactume of the country remained unilisterbed. and at tar * he was acquainted with the landed interest no materiel injury V/144 Sustained. The spirit of combi . Dation was 4n-stet% and the trade of the country was now in a state of solid and permanent improvement. Ilia 3lajesty had called their Lordships' attention to a treaty of commerce and na vigenion with f'olombia, which could not foil to give their Lord. ships great eatisfaetion, and which he hoped would tend to the the extension of that country's trade and resources, and be condo. 1 rive to its complete and biting independence. The war in India was another subjectfor their Lordships consideration, as that war became necessary for the security and character of British dominion in India. It was imisfactoty to perceive that the prudent arrange. rents of the authorities there secured success, and would, he had no doubt. le:ftl to a happy issue. During the two lam Sessions of Parliament the attention of the Legislature was directed to the state of Ireland, and much good had been effected in that country by an improvement in the administration of justice, which gave confidence and security to a degree previously unknown iu the country. The cordial feeling of amity expressed by foreign powers towards this country was highly gratifying. and he hoped the ;min i ciples of trade which were sanct ioned by Parliament would extend all over Europe. Lord GIFFORD having read the Address, Lord KING said his - .'.%fejegy had stated that embarrassments had occurred in the pecuniary affairs of the country. This was must certain, but why not state the true cause of those cuibarrase.. mcnts p Ile would state his own opinion upon the subject. These difficulties were in some measure owing to the Government, partly to the country bankers. and partly to the Rank of England, whose monopoly was Injurious to the best interests of the country. Government had lent themselves to that monopoly. The tendency of all the measures of the Government, as connected with the Bank, was to create an excess of credit, which led to those fatal speculatior.s. The object of Government was to reduce the rate of interest, and they commenced by reducing the interest upon Ex. chequer Bills. The Bank had greatly aggravated the disorder of the currency. Tire Bank of England was a machine ton vast for, the control even of Government, and it was established upon principles contrary to common sense. The Directors had no direct interest hi the manegetnent, but have they no indirect interest ? They had, by their increase of issues in the years 11323, 11124. and 1826, encouraged those wild speculations they now condemned. I It would unt appear on the face of the Bank Returns that the issues bad increased ; but, by reading a book just published, en titled CaosiJerations on Mc State of the L'arrene.y. by 11r. ITooke, it would be seen that the averagassues of the three yeats were as follow : 11sz3—.c 17,760,473 1814— 10,011,573 1826 20.881,1 M. The fact was, the Bank was too strong for the Noble Lord oppo site. But it was to the country gentlemen that the Government yielded most. To please them high prices were kept up, and he should like to know whether there was any prospect of reduction in the p►ices of provisions ? With the view of ascertaining this, he would put a question to the Noble Earl opposite at what time are the Corn haws to be revised ? lewd LIVERPOOL--I shall answer that question by and by. Lied KlNG.—This subject brought to his Lordship's mind that signal defeat of the Ministry last year upon the Canada Corn Bill. Then the Government were obliged to yield to the country gentlemen. The Bill was carried in the House of Commons, but when brought up to their Lordships it was lost. This was a bad way of supporting Government. In fact, the whole system of the Corn Laws was a gigantic job. It was impossible that it could continue--according to all the rules of justice and sound policy it Muhl not continue. That was, he believed, the only assembly in which the necessity of cheap food an. not admitted, and if such were the case lie could only ray that the House enjoyed a very bad distinction. Their Lordships were eutliciently sharpeighted in putting down those who employed themselves in the destruction of machinery, because machinery Raved labour, and upon machinery depended nearly all the wealth of the kingdom. By its means they were enabled to have every thing at the cheapest rate, and dierefore were its destroyers crushed ; but corn, which of all things ought to be the cheapest, their Lord ships seemed to think should continue to be grown with much labour. He was told that the welfare of the agriculturist required a protecting duty, and that if unrestricted importation from the continent were allowed it would be his utter ruin. Ile (Lord King) was, however, prepared to deny that their Lordship% had any right to prevent its importation, for in proportion as the agriculturist might gain by such a measure, in such proportion would be the loss of the consumer, and in such proportion also would they proclaim their own injustice to the world. lie remembered a passage in the life of that celebrated voyager, Lemuel Gulliver, who, at the Court of Itrobdignao,:had given an account of that augu s t assembly, their manner of ad ministering" justice, the purity of their views, and, amongst other matters, stated that them first and primary object was to protect the sgriculture of the country. Their Lordships would, perhaps, recollect the comment of the nionarch of that country upon the description given by the traveller of their usual mode of procedure. " You are," said he, " the most contemptible race of beings upon the face of the earth, and your rulers the most despicable.' (laughter.) He felt so imperiously the necessity of a revision of the laws regarding the importation Of corn, that he should move as an amendment, that words to the following effect be added to the concluding paragraph of the addreas—" That as the best means of securing and extending the prosperity of the country, it was requisite that the Corn Laws should undergo the revision of Parliament." Earl ORCkiVENOR said that it was not his intention to go the full length of supporting the amendment, but at the same time he thought it advisable that the question should undergo an early discussion before their Lordship. Ile sincerely regretted that his Majesty was not enabled personally to attend the opening of the Session. lie had heard th a t his Majesty leas to have dime so, and he feared that he was prevented by indisposition. The speech which their Lordships had that day heard was of a very dif ferent description from all the speeches which they had hitherto been in the habit of receiving. There was nothing is the state of the country either gratifying or satisfactory, and it wait highly cre ditable to his Majesty's Ministers to have Liaised so humble an Address, and it was slao creditable to them that they had not at. tempted to mark that state of affairs which bore an unpromising aspect by prominently setting forth every cireummance which could form a subject of congratulation. There were, however, one or two points. which had trot beep adverted to by either the Noble Mover or Seconder of die Address, upon which Ile wished for some explanation. It was recommended in •!ie Speech that the currency of the country should be placed upon a firmer foundation. lie wished to know upon what firmer hasis it ctioid be placed than time at present by law established ? It would be very . sa:istactory to the country to ha made acquainted with the intent ions of his Sla jesty's Government upon :hat subject. It was also stated, not withstanding the unfortunate state of the couuery that die revenue had answered the expectations of the Mini str y. lie piesumed froin this that Alinisters did not anticipate, on the whole, is larger Tree nne than in the piecediag year, in consequence of die mimics taken off in the list Session of Parliament, or else that ha failure to a erre trio extent hail been calculated upon in consequence of the enibar. easements of the country towards the close of the year. He had for many years advocated the propriety of adopting and adhering to a strict system of economy as the only means of relieving . :hie distreases of the country ; and ' he now snore than ever wished to Imo press upon their Lordships the necessity of forcing sudli a system upon the Government. If it had been earlier adopted, the dies tresses which they now deplored might never have existed: An immense saving of expenditure might hate been el , (toted by the reduction of the army, for, in time of peace there was no Teased Oh te)th why solatt-e a military establish ment should be !septum This was a question of great importance in a constitutional print of view, as well as respecting a system of national economy. There was no necessity for so great a tnilitary force, and those reasons which had been advanced Were the most fallacious imagiouble. The meeting of the radicals at Manchester was the !argent which had ever taken plate in the kingdom, and was held at a time when angry feelings were at their highest pitch, and yet that meeting had been dispersed by a mere handful of yea nien. With regard to alw war in India, if the resources et the country had been properly husbanded, it would have been found touch easier to meet the vast expenses of that war ; and here ha visited to observe, that those who commenced that war, and those who 'continued it, had much to answer for before their Lordships, and would, be trusted, be called upon foe a clear statement of every circumstance which ad to those lerailitiese The state of Ireland tonna 'soother plea for keeti:ng up a military force, and indeed in that muntry, which he could not allude to without emotion, three-foorrth% of the infantry of the ration were dimmed. He thought their Lordship* had much to answer toe in disappointing the hopeta of the Cetholics, slid lie was ec..vinced that if their prayers weft acceded to, that force might at once be withdrawn, and the coantrs thus relieved from one great MI:AN:ea expeuditure. Their Lordships were at this moment more than et er called upon to caor.omise, for it was impossible to foresee the extent of distress which the preterit psnies might give rise to. Lord TLY NIIAI4 7014 to oppose the amendment, Ile woe; he said, extremely anxious that the people of this country should have corn and meat es cheap as possible, yet it was accessory to Attend to th e interest of die agriculturist. The Noble Lord t hing) niust surely perceite that this country was in an artificial, situatiun, and could not be legisletetafor on the sameltrinciples as might be per ' sued towards countries situated like Fiance or Odessa. it was i wrong to impute the distaches of the country in any measure a hat. soever to his Majesty'sltliristers; : they should rather be imputed to those who had compelled them to a measure to which they were opposed—he alluded to the abolition of the Property . Tax. Lie hoped the Noble Lord s °old agree with idoi in thinking that those distresses ought to be in some degree attributed to .he reduc tion of the interest on the national debt, which tendercti capital of less value, and also to the eel:erase et the metallic cerrevey of the e kiagdent. The Manly is of LA NSI:iOWN sa id that he f,:!: it to be quite unnecessary then to enter upon lb, discussion of such a subject at the corkney, without the reqdhute inforrnadou to enalal.! their Lordships to arrive at any satisbetory dateraticatiun. Le fell, in- THE_ tRITI§Ik PAESS. . - - • . . deed, that is welsimprieihtito enter upon etch a complicated epee. titan as to hew. fuetlie nature of the circulation.-.hew fir the part i. cello meaeute of Isstl 0 one and two pound notes—hpw fat the de. immure front lite.eyste c i r c u lation adopted by Pediment. or how f ar the nature td the moropoly of tke Bank , or the spirit of SPeCUMUgn , might hat operated in producing that evil which was itteitaxxiat. Aldhat be theta wished ea* to -*Wiest • reserve upon file dint part of elty opinion as to the poSsibility of applying -a formerly". as his 31a}psy's Governinent had suggested. Inuit Ile gathered from thei to correct it. He did not wish Steal was, that the evil existed.. and that Ministers ware dite to ask the nature of correctivesln contemplation, because the Address , to to which he gave his full aryl cordial assent, the not pledge the (Irmo to their adoption. l'ponthe Corn lows, after mature deliberation, lie ha.l formed a tleciduleapinion ; but he did rim feel disposed to pledge the House to ate measure respecting them, unassisted by .14txu the information which covernment was endeavouring to procure upon that question, the thok of which must be considered with reference to the state offetormicy and prices. It was uuerly im. possible to separate then boat each other, or to separate all from ' the principles of free track. All must be considered in their eels,. tire bearing* upon each ether. The Noble Marquis concluded by alluding to the situation of Ireland, which be was happy to observe bad not been overlooked h the Speech from the throne. Th e Earl "fI. I VERPOOL said that he did nut feel warranted in then entering upon the discussion of a questiva of such great Political importance se the mate of the money market in this country; but after what had just fallen form the Noble Marquis lie felt disinclined to rennin wholly silent. He felt that the subject was too deeply importer* to the public for him to entertain any reserve in diseloaing the orreetivem which it was presumed might be beneficially applied to tee existing crib. The convulaior.s which had recently occurred in the commercial sunlit were not unexpected, at least by him ; for in Moth last, it might be recollected that he Had not taken, but createden opportunity for delivering his opinion as to the probable result el the rash speculations then at their very height, and that he had doleful, that if those consequences which he apprehended did occur, the remedies which had formerly been applied on similar emergencies would not again be resorted to, tont that the sufferers must aide by the consequences of their own in discretion, and not expect *chef front Parliament. One cause of the convulsions which had leken place was so prominent—so ex tremely obvious, es to be in itself completely su ffi cient to account ' for all the evils that h a d hapotmed. Their lordships would doubt less recollect the mad spirif of apeculation, which was not merely confined to the metropolis, but extended itself throughout the country through the medium of the country banks. That this spirit had so extended itself might be gathered from the progres sive state of the currency of th e countr y b an k s . It was true that I . this could not be caleclated to a nicety, but yet the number of notes stamped in each yearn the Stamp Office afforded a tolerably correct criterion by which to form an estimate. In each of the years 1821-2-3 there had been homed 4.200.0001., with a very trilling variation ; but in 1824, when this mad spirit of speculation began to prevail, the country banks' circulation increased to six millions; land ittlB2s, when that spirit wax at lie height, die circulation amounted to eight millions, titus doublieg what it bad been prior to the commencement o f t hose speculations. Ile thought that that one fact was sufficient to account for all the ettectit which 1134 fol. lowed the spirit of overtrading, and which had so deeply involved the general interests of the country. There had been sonic increase in the issue of Bank of England paper during the same period, but it bore no proportion to the increase of lb. issues Of the country banks. The Noble Lord (Teynham) had implied I that lowering the rato of interest upon the national debt had in sonic degree tended to the distresses of the country ; but the re duction of the interest on the public securities was a necessary con- sequence of the peace end prosperity of the country, and govern meat would have been highly criminal if they had embraced that opportunity of taking 1,500,11001. from the public burdens. This was a subject which might be discussed at length hereafter, but it appeared to him that the existing evils themselves pointed out the remedy which ought to he applied—a remedy which could not be applied by any legislative enactment ; in short the cure was to be found in the dangers which were individually incurred by the ape. eulators, and in the inconvenienns to which they were exposed. If the measures which his alajeaty's Ministers thought now expo. dient had not been proposed before (they had been before discussed, and why they failed was nut the question at that moment> it was nut because the ideas were new. One was an arrangement with the Bank to effect the gradual withdrawal of one anti two pound notes from circulation ; the other was of still greater importance. The country was grown too large far tho exclusive privileges of the Bank of England. However well those privileges might have been suited to the state of the country at the time they were granted, yet they were now evidently injurious to its interests. Besides, the operation of those privileges were most extraordinary and most on. fortunate. Any baker or butcher might open a country hank, but a solid co-fraternity could not establish one upon a substantial and firm basis, because the charter of the bank prohibited more than six persons from uniting in carrying on the banking business in any part of England. The consequence of such a charter was evidently to prevent the establishment of solid country banks, and of course the continuance of that charter was inconsistent with sound policy. This was one great branch of the subject; but it was to be observed that the charter of the Bank of England did not expire until 11133: yet if they could be induced to give tip their privllegin as far as regarded the country, an immense benefit might be Ofected. Ile did not imagine that they would experience any injury by doing so, as they would be at liberty to mtablish branches of their own bank in such districts as they might think proper. He thought it better to state thus generally the views of his 31ajesty's Alinistersio prevent tiny mistake upon the subject. With respect to another very im portant matter he would also suffer an observation. Taking a variety of circumstances into consideration with respect to the re vision of the corn laws, he was of opinion (as we understood the Noble Earl) that in the present stale of the country that question ' did not press itself so immediately upon the consideration of Par liament. in the last Sesaion a measure had been adopted relative to the importation of Canadian corn which would not expire until 1827. He was not inattentive to the subject, but he was not err tnin as to whether it would he brought under the consideration of the 110u..e in the course of the present Session. With regard to what had fallen from the Noble Earl (Grosvenot) as to his Ma jesty's attendance to open the Session, he could not perceive the use or, propriety of introducing the subject; but in consequence of those observations he felt it necessary to state that his Majesty's ab sence was to be attributed solely to indisposition. ' Earl GROSVENOR explained. The Earl of GAUNARVON then rose. His Lordship said ' that if the Government should be able to obtain greater security for the IninkOsig establishment, it would unquestionably be productive of universal benefit. If they could place the bauking system on die same plan which was pursued in the North, for instance, they I would arrive at that state of security which was so desirable. The present difficulties might be overcome; but unless something were done, not merely of a teinpoury remedy. the country must inevi tably be howlyed in difficulties of it most alarming nature. His Lordship objected to shifting from one system to another from year to year: se long as this were done the commerce of the country would be ie any state rather than that of prosperity. The Speech might look forward to years of peace and improvement, and It might be possible that we bad arrived at that state of knowledge which would enable us to leg6late in relation to the currency With edict. if we were to make •any alterations it would be better to make them at once than to adopt any graduated system. It was such sort of temporising that had given to the silk manu. I, lecturer a bonus for everetot king the country. The Earl of LAUDERDALE had always conceived that a pima currency convertible Into guild on demand was beneficial to the best interests of the country. There was cause enough for the evils complained of, without attributing them to any fault in the currency system. There could be little doubt but that they were mainly attributable to the extraordinary demand for capital. Let it be recollected that seventeen mfilions had been so employed. Suppose there had been a levy for loans to this amount, for the Purpose of carrying on a war, what would have been the result? It m i g h t be recollected w h it a convulsion was produced by 13,64111,10e1/. only being required. The evils so universally felt were the natural result of having to make payments for the apecus lotions of companies, &c. As lung as his Lordship could recollect, out and two-pound notes had been in circulation. " Anti if (con. aimed his Lordship) one of the alterations preposed should be to alter this system. for God's sake let it not extend to Scotland, which has, under the paper currency, enjoyed such a state of prosperity." 'i'he Address was then agreed to without a division, and their Lordships adjourned tilt oh m a ge . - . . —ipim•--- HOUSE OF COMMONS, TUURSDAry Fol. 3. This day the House met for& despatch of public business. The Speaker entered the !louse at two o'clock with the usual Cornish. ties. The Usher of the Black Rod having entered, requested the attendance of the Gammons in the Ilause of Peers, whither the Speaker immediately proceeded. attroded by the 31eathers then present. On his tetuni he informed the House that the Session was open under the Coutnission of his Majesty. On the motion of Mr. lonshinmon, writs were then ordered to he issued fm , the election of Representatives in Parliament for the Borough of Corfe Castle, in Inc mob of Beni). Bankes, Esq. who has accepted of the Chiltern Hundreds : fur the Borough of Ban. bury. in the place of !Lineage Legge, Csq. who has been appointed Commissioner of CUMI.OIIII for the Borough of Newport (in Corn. wall), in the place of William Northey, lisq- deceased and, no the motion of Mr. Itrogtlm. for the Borough of Warwick, in the room of Charles Milts. Eso. deceased. 3lr. P. Gil ENFE LI, moved thr an Account ()elite Balances and Public Money in the hands of the Bank to England : of the Al lowances fn ttre Bank toy the Management of thy Public Debt ; and fur other litiblje h rricea—Ordered. The Clandestine Outlawry Bill was read a first time. • The SPEAKER then Wormed the House that he had heard read the gracious Speech of big, Majesiy,wbich, to prevent mistakes, he would read again. The Speech being then read from the Chair, Mr. STUART WORT LEY, jdo. rose fur the par poso of mov. irg the Address. The tone of voice in which die lion. Member delivered himself rendered him very inaudible in the gallery. As well as we could collect he said that he presented hintsellto the notice of the House with considerable apprehension. It was rather dis couraging t'or ti young man to address the Douse on such an occa sion, fur the lino time : but it' any thing could diminish that appre lictisiim. at was the relectinti that die subjecta which lie would hare tn adve , t to were of a cheerful and agreeable description. Ile telt persuaded that the Muttse would treat him with indulgence, and not attritmte any deficiency Orbit to the intrinsic merit and ex. ccUenec of tie subject width engaged their attention. In the task he was to perform he hail to follow his predecessors in speaking in term of unqualified praise and panegyric of the progressive-im provement which marked the htssOrr of the Preceding year. lie. however, felt in his ctmseiencs that he had much moire and mat ter lot congrati,datian,. thas 2 onother year bad strengthened and eonatrioxi those enticipitic;ns of prosperity with which it Ind begun. It could not be denied that the coniTer citil interests •of the country had felt a severe shock. The m osmiu of his Majesty's S Moisten; on this subjeetwasentitleJ to 'the highest commendation; they declared cendidly, openly, and manfulty the existence of the evil ; they did not nnunto its cause they lett thoellaweseeoeleritto its knonledge on that subject from their nwn observation and reflection. There were, indeed, many /games of tesemblance between the present embarrassments and these which prevailed in the years 1793 and 179:i. At the former period Amu loss and inconvenience tome to the coos. monist interests of the country from a difficulty to obtain discounts. In 1793 we were at the commencement of a trek mendous war, which drew largely on the resonates of the (many, and made a constant and accumulated demand upon the currency to supply foreign subsidies and to meet foreign expenses . ; 17108 was a gloomy mild ; we were engaged in In arduous corm. rental war, and were in alarm of foreign invasion, while at the same time the domestic state of the country was in great agitation ; but in both those cases the country had persevered in a bold struggle, and met the diffiewhies it had to contend with with resolution ; the result was cemmensurate with that spirit, and was crowned with success. There wss, indeed, one snaking difference between the state of of ein at those periods and that to which lie now alluded. At present there was no foreign war, no alarm of foreign mvasion, no si ',nestle disturbances, and consequently we 'Mount look for the source of this commercial distress in some other cause. If the question was examined, the cause of those defaleatioas would be apparent. At the beginning of the year there was e lppereban. dance of capital,which induced petering to invest prop y in foreign loans and foreign speculations, which turned much of the circulet ing money of the country into other channels. This appeared to him the most rational way to account for those eztraordivary failures whirls had unfortunately lately prevailed to such an alarm ingextent ; lot whatever might have been the distant causes which led to those unhappy results, there was one proximate cause which sprung out of the banking system. where country banks, without any security and without any reetricion, had made issues which they were nut afterwards able to take up, and thus by this system practised a species of frnuil upon the public. The golien circu. lation was drawn to other mune'', and the paper currency obtained a morbid circulation. It was alvittnl to make large issues of money where there were_ no funds to meet a demand fur payment ; but however lie might deplore the diverts and hardship which visited the commercial world, yet be hoped that even good might arise from that evil, and that great advantage would be derived from the lesson it taught. It would, he felt assured, prove its own cur. rective.. Let country banks limit their issues to their tucans--Ict merchat t% restrain the passion for over-trailing which spreads itself every direction, rind the present gloomy prospect would improve, and brighter views break in upon us, 1 he conduce of the Bank of England was calculated to raise It higher in public estimation if ,possible, and it was entitled to the gratitude of the country for its judicious and liberal behaviour. Much of the misery which prevailed might also be ascribed to the freedom of trade which had been lately encouraged (which of course opened a field for ex tensive .speculation). and to the !attire of the Combination Laws. For his own part he waefriendly to the spirit of free trade; upon an enlightened and educated public it must have the mow salutary effects. The continuance of friendly relations with foreign coun tries was a subject of gratulation. In several parts of the world commercial treaties had been, entered into, and those with the New World were not less distinguished for the security they afforded for the intercourse of trade, than for the spirit with which they were accomplished. The Spanish Colonic', had been engaged for fifteen years in a contest with the mother country for their political inde pendence. This country preserved a strict neutrality. When taking the precedence in acknowledging the independence of those young republics, England might have made favourable terms for her own commerce, but she sought no such means to promote her own interests; she applied to the parent country to learn her feel. hogs towards her colonies, and gave her the choice of fire acknow. !edging them. In forming those treaties she made en stipulations. no terms for her exclusive advantage. Some differences maw between Portugal and Brazil. The hereditary Prince was placed upon the throne of Brad, and a war, the consequences of which could not be calculated, ensued. Through the friendly mediation of this country, the coils of that war have been prevented; a treaty has been concluded between both countries, by which peace was restored and the independence of Brazil secured. We offered our mediation in a spirit of peace and good will, and in that spirit it was accepted- It was a proud and gratifying view to see England employed in the noble task of reconciling nations, thus proving, that us by her insular position she was locally placed be tween both heinispheres,she was so much so in amoral sense to con. ciliate to each other t he go vemments of c o untries so widely separated. Europe was at present disturbed only in one quarter—he meant in Greece. From the peculiar nature of the war in that country, it was difficult to bring the contending powers to a just sense of their own interest ; but he was not entirely without hope that the trou bles with which that country was now afflicted would be ultimately settled. As to the Burmese war, it was as yet protracted„which was owing in a great measure to the nature of the climate; but there were well-founded expectations that it would soon be brought to a close. With regard to the national revenue, although there was a falling off in the last quarter's receipts, yet this deficiency was by no means unexpected ; and he had the pleasure of adding, that the results of the whole year's accounts were most satisfactory. To Ireland he could point with great pleasure. In that country there appeared to prevail a spirit of tranquillity. united with a greater unanimity than perhaps was ever betme known. There could be no doubt that the salutary measeres recommended by the Commit. tee of the Last Session had done much to produce this gratifying result. lie had DOM touched upon every topic which lie deemed it necessary to notice; bust lie could not conclude without observing than in moving the Address which lie held in his hand, he was not actuated by servility, but by loyalty. He called for no expression of political sentiment, but as an individual he felt a high degree of gratitude, arising from the prosperity which we enjoyed, and which he thought was mainly attributable to the wise and steady coulee of policy which had been pnrwed. The lion. Gentleman con eluded with moving that the Address (which as usual was an echo of the Speech) should be presented to his Majesty, in answer to his gracious Speech. 31r. GREEN rose to second the motion. The Ilsinourable Member said, that situated as this country was, and owing its prosperity principally to its manufacturing greatness, it would have ill become the Government of this country, at a season like the present, to have held back, or to have failed in bringing for. ward, the subject of commercial diet.ess in an open aud e manly manner before Parliament. Parliament, in taking up the subject, would see it. he was confident, in a large and comprehensive point of view. AVhen it was considered how the percent dittresaes acted upon credit and confidence, and h ow muc h credit and confidence affected commercial enterprise, he was mire the House would give its best attention to any measures which may be suggested to pre vent the recurrence of so great an evil. lie prayed pardon if he repeated anything that lied fallen front the Honourable Mover, but these were matters of material Importance, which he thought it his duty not to pros over without observation. In the year 1793, and again in 1797, circumstances similar to the present had occurted. 1 his therefore was not the first of a series : 1793 was the opening of a war, and nothing was heard of but the failure of bankers ; but now we were in profound peace, after an abundant harvest, and our manufacturing and commercial interests in a high state of pro. enmity. So far there was no similarity between the distresses of the year 1793 and the present embarrassments ; but there were features of very strong resemblance. In the year 1792 interest was at an unusually low rate. Bankers made extraordi nary advances, and were permitted to issue di e t. notes beyond the credit they possessed. When the country became inundated with paper, the holders took the alarm and returned the notes, and the failure of many banks was the natural consequence. The abun. dance of capital should also be looked to as one of the causes of the present distress. It must be remembered that at the commence ment of die last Session of Parliament capital was so abundant dint any needy adventurer might have entered the market with his im practicable schemes (Hear, hear.) Was it wonderful, then, that when the bubble burst a vacuity should remain, and that, instead of an abundant capital, distrust should be the consequence? There was one point which he could not avoid alluding to: it was the conduct of the Bank of Ene,hintl, which was jus ly entitled to pub- Idc grediude, for the prompt, ready, AI I liberal manner in which it had come forward. The issue of small notes lytleß ink was most seasonable, and had effected much in diminishing the inconvenience then so generally felt. In dewing the preset* discrete too, the House must feel that whilst speculates were trailing upon imagi nary capital, at the period alluded to, the beginning of last year, front recent occurrences, large sums were laid be. to meet sudden emergencies. It must be pleasing for the House to learn that the liberal principles of free trade recognized by Parliament had been productive of beneficial effects. He trusted the House would per. severe in extending those principles. Riots and popular ebullitions occurred under every popular government, but that was never wise. ly urged as a reason why public liberty 'Mould be shackled, altho' it was the ditty of every gavernment to render those ebullitiona of popular feeling less daugeroto. Upon die sante principle it would be unwise to loud commerce with shackles, but it was our duty to prevent the occasional embarrassments which were the consequence of a state of commercial freedom. Upon the subject of the present pecuniary distresses he would say, that the House would net act bendy or consistently if' it was satisfied with palliatives, without striking at the root of the evil. He thought it would be productive of much advantage if the Bank conecrited to wave a port of their charter, and allowed bankers to form joint ato:k companies. Banking business would then be carried on by those who under. stood its real principles, snit not left, as it now was, to ignorant, wild speculators, or needy adventurers. The example of Scotland was strongly in favour of this proposition. In dint country there was a vast paper currency, without any of the evils whtti it produced In this country. If such a proposition were acceded to, lie thought some restraint should he laid on to preterit the overissue ornerier. The general welfare of die country was what every statesman should Bold in view ; but as men it was impossible not to feel tot the Labo rious artisan and mechanic, whore harsi savings, perhaps, were all placed in the notes of a neighbuuring hanker, who one day felt hint. self in his station a rich man, and the next found that he had be come a beggar. These, it was true, were evils relating to indivi duate, but they were evils width humanity prompted us to feel. Parliament was bound, to enter fully into those feelings, end into the circumstances which produced those consequences. If they peewit by these considerations they would neglect what was due to their constituents. But if the prosperity of some particular branches in this country had met with a temporary check, it was pleasant to bunk to Ireland, which had rapidly improved. Re was sure every Loglishman in that House felt as deep an Interest in the welfare of Ireland as any Irishman couhl feel for his native land. If an evi dence of thiefeeling was wanted, it may be found in the investiga . (Wits entered into Wet Session—investigations which were not con. 144 to general topic, but ern'sraced the most minute details. He . was nappy to learn that education was rapidly spreading itself orwe the country, which was now tranquil; that the suggestions of the Committee lut year had been acted on more or lets in every instance. and that the feeling of the Government was to enter into etery question, in order to determine what remedies could be sp. plied to secure the perman e nt p eace a nd promwsray of Ireland, /4 conceived Ibis de.trable result was likely to be accelerated i n the quantity of capital, which was so much wanted. all which we now found - towing Imo tint country: Thha would gin ac • --wilt .. holders an interest in upholding a better system than had forter.y prevailed. lie must now advert to the new sources of wealth c a r d commercial speculation npened Mus in *kith America. Our pr o , section of that - country had Worded the manta of achieving Its y a . dependence, and we were repaid by the opening of its ports hr British enterprise. One connexion with the South Arr a States was declared in an open and manly manner, o n winch he felt pleasure in commenting. We laid before the weld without disguise our sentiments regarding those countries. H e said their independence was not matter of opinion, but mat." fact, and when that tact could no longer be denied, we lost rep eta e in recognising their Independence. We were not intimirived aor did we rush rashly and hastily to obtain our ends by means wino, way produce consequeoces ultimately most injurious. A, lislimen, we might have felt a satisfaction in teeing liberty e we ', extruding its blessings over the vast continent of Anima, e at nations were not to be led by the feelings of individuals, b ut 'mist act upon enlarged principles of sontid policy. The result proved that the policy of this country was good. We had secured O , finendship of the new States without embmiling ourselves Sat ; the Continental Powers. We had declared our Intention, however, of coming forward to support the colonises bad the Continents; Powers taken any active measure' to aid Spain. By this rewe u . don we preserved the colonists and maintained the dignity of Ee t . land. It was an argument occasionally brought forward, that h e . cause Spain bad interfered between us and our colonies, we shitted be justified in aiding her revolted colonies. This was a principle which no gentleman would act upon in private ailkira, and::, Englishman would wish to see acted on for the honour of his wan. try. As to the revenue, a considerable diminution was all along expected. The decrease, however, was only on the last cleaner, and the revenue upon the whole year rather exceeded he, Right lion. Friend's (the Chancellor of the Exchequer) expectancies. This only proved what implicit reliance may be placed upon the Right Honourable Gentleman's statements. (Hear, hear.) Th ree were existing difficulties, lie admitted, but we had overcome greats, difficulties than were now before us. We should continue to re move the shackles that still clung to our commerce. Undoubtedly we had experienced • great deal of commercial prosperity since those shackles had been affixed to it, but lie rather thought trade Bowed in spite of those shackles, and not with their assistance. A commercial treaty had recently been concluded with France upon liberal and enlightened principles, and it seemed that the channe:s for our commerce were likely rather to increase titan to diminith. Thus situated—lreland prosperous. South America opening new sources for the employment of English capital, our arms succesful in the East, and at peace with all Europe.—who could say that the favourable prognostics held forth had failed, or that our prosperity had retrograded ? Great Britain still continued to hold her high rank amongst the nations of the world, and in the page of history the present distresses would be noticed as temporary, and not at entailing any serious evils. The Hon. Gentleman concluded by secoaditig the motion for an Address. The Address having been read from the Chair, the Speaker ws, ~about to put the question upon it, when Mr. EROUGHA3I rose—He said there was never an (teeniec when there was more reason to lament the disuse of the practice of adjourning the Mouse for some time after the King's Speech, et at least of submitting to he nlembers the substance, if not the Speech itself, some days before they were called upon to discuss i:. (Hear, hear.) A King's Speech was • document of too mediim portance to be discussed and decided upon without an hour's notice. and though the Speech just read did not deal much in definite pro. I positions, sonic most important points were touched on and alluded to, and there never wan a period when the state of the country rest. derett it more necessary that those points should be clearly under. stood. As the present practice left only the option of rejecting the Address, or moving an adjournment, a measure which he did not 1 mean to avail himself of, he thought it right to enter this . protest for the purpose of reserving to himself the libery of opposing any thing therein stated, or that may hereafter be brought forward, just as if no such Address had been voted. Without such a protest the Address would go forth to the public with the appearanc: of a more general and unlimited concurrence in its sent/aunts than in truth existed. The grand subject adverted to in the Speech was the existing distresses of the country, and he confessed in common wit& °them he felt some surprise that that subject was not more fully enteral upon. It wasslightly alluded to in two parts of th e Ki n g 's Speech; but in his (Mr. B.'s) opinion in a manlier very inadequate to its importance. It was touched upon as a transitory difficulty; by no means extended in its effects, and confined to our pecuniary at. tereste. Now in his opinion the distress was general and wid e ly spread. It was not confined to one particular interest, !nit eetended, if not to the whole, to the most important branches t.f oar mans factures anti commerce. It was his ouinion that the distress at. fected whole districts of our most ingenious and most industriuul mechanics; that it was more exteueive than was generally sup. Posed, and he feared that it had not yet reached its height. In thie state of things it Was impossible not to feel that there was one to pic of consolation. It was impossible not to feel that the distress was not owing to that more liberal, as well s' just and wise, system of commercial policy, which, happily for the country, had lately received the sanction of his lilajesty'l Government and of that House. The present distress war general, and from this circumstance its independence of the com mercial regulations was proved. lied the distress been confined to the silk nianufacture, which for obvious reasons was suffering heavily, an argument would be raked upon that fact, that the dis tress 311 , 63 from the application of liberal commercial principle"; but as It so happens that the woollen, the cotton, and various other manufactures, are suffering, which could not have been in the slightest degree affected by the late ch a nges, wh o w as warrante d in saying that the circumstance did not support the protosition that the distress was not produced by the new system of commerce! policy? and who was warranted in saying that the tircumstanac did not rebut the inference that distress was the consequence of rite beral commercial system ? Of the new system of policy it was flippantly said, that the experiment was tried, that it had failed. and that the present distress was the result. Ile would reply, tie experiment has nut been tried, therefore it has not tailed, and the present distress is not the consequence. Ile could assure those who were loudest in their complaints, that the distress of which they complained was not the result of the new arrangement. Tee present distress could scarcely proceed from a prospective measure, which permitted the introduction of foreign : goods in six mouths. %Vhen men were suffering, it was painful if not indelicate to charge them with errors. At all events it was a thankless task to charge them with having produced their own misery ; but he telt it his duty to state his conviction that much of th e pr e sent distress under which certain manufacturers suffered was attributable to themselves. The root of the evil, he believed, was overtrading. (llear, hear, hear.) Ile would not go hack to 1;93 or 1707. There was a recent period more analogous to the present subject. Ile alluded to the opening of new branches of our foreign bade, through circumstances which had lately occurred in the New World. It was well known that trading was at that time carried to an excess which was almost ridiculous. Silk was imported from Hollaud to this country, and despatched from hence to south Ame rica. In the love for speculation, crockery-ware, and even scale& were sent out for a venture. (A laugh.) Hut it wan not to be said, that because discovering a new branch of trade naturally and unavoidably led to excesses in the way of overtrading, we should never discover a new country, or a new channel for trade ; and, on the earne'principle, it was not because certain manufacturers had taken advantage of a system of liberal policy, to speculate wildly, that we should depart front that system for no other reason than that . those manufacturers were now suffering from the consequences o f their own imprudence. He had said so much with a view nu set ting this matter right, so that in the minds of rational people oat of doors the liberal system of policy should not be put in jeopardy, by uttributing to it evils which, in tart, had never flowed trent it. Perhaps he might have wished that there had beets some change in the manner in which the new arrangements were carried into effect but when the measure was approved of at the time it was proposed, it was scarcely fair to mime forward afterwards and ob ject to the means by which it had been carried into execution. T: etc was another matter touched upon in die King's Spemli, to which he would shortly advert. Indeed there were two matters. borne time ago, shortly after Chrienna.s, when the sealant arrived in this cousiny of nn important event on the Continent, which gave rise to much p .lit cal speculation, what wire the two ideas which pre sented themselves to every reflecting mind as reasons for depre cating a war ? Indeed there were three reasons suggested them selves for deprecating a war—the debt, the currency, and Ireland. Now, the debt was not within our reach, but the currency was within our reach (hear, lien) ; and Ireland was within our reach. (Hear.) It was said that Ireland was now tranquil. In this ee agreed with the Hon. Gmtlemen who had moved and seconded the address. lee rejoiced at the tranquillity of Ireland, but he could not forget that toe cause of the disturbances was not removed. Be believed that the tranquillity which now prevailed was the result of expectation. Something was expected from Parliament, and in his conscience he believed that looking to Parliament with the hope that sooner or later they would not look in vain, was the rea son why Ireland now presented an aspect of tranquillity. If the Irish applied at a fitting season and in vain, in the season of dis tress }Aglaia' could mot look for assistance, she could not expect tranquillity. But Ireland was now tranquil, in the hope that the just claims of her people would ultimately meet with a favourable consideration. In viewing this subject, he could not shut out tha coavictiosi that the present tranquillity was ascribable in • great degree to the efforts of the Catholic Association. So lung as the. Catholics continual firm and united amongst themselves, and yielded a ready obedience to the laws, although they were allowed no participati iiii in training those lime, to long the Catholics hat a right to cherish the reasonable expectation that the disabilities under which they laboured would be reniuved. Those reasonable expectations it was which kept Ireland quiet. The Honour able and Learned Gentleman then adverted to that part of his Majesty's Speech which referred to the South American States—of whom, let it be said to then immortal honour, that they had bought unassisted their own independence. Ile was glad that this country had now finally recognised them, and that relations of peace and commercial intercourse had bete established ; that arnong their allies--at least their commercial allies—they had now to true! Colombia, and that they should soon, he trusted, hare to add one other Republic of that vast continent, must Inmate, of grateful and most sincere congratulation. (Hear.) He was also glad to find that Conventions had been neticitssed s wish Perna mad other European States, copies of which Cesteatiosa hat hems laid be fore Parliament. With respect to the tantrehitlied •been con cluded between the Brazilian Empire and this eaunitr, • tram's. ties of which he hail seen, he would fain hafto that Mooch treaty would be ratified, and which hope was similismd bjs *tiles test it had not yet beets se—auti he siucersly trissiesi time, is its prison ~-,ti--