The British Press; or, Morning Literary Advertiser. — London, England, 1826-02-24 00:00:00

not merely referable to London, or to Liverpool, or to any other port, but was the result of the combination otall. No individual could know of all tfe commercial occurrence' of the country, and it Was not fair to blame him for acts which had the excuse of un. ruitirible ignorance. With respect to the mining speculations, he Aid not think that those permits who had ventured is them could be for imprudence in such enterprises. It was well known Oro Spain had derived immense wealth from her South Arnerictut mines. sad u did not seem to him an extravagant inference to expert .asicialatty beneficial return for capital which should be embarked in the .sine kind of projects. But because such speculations hail not str!ernied, in consequence of unforeseen occurrences, the failure was it re urged as an argument of the original absurdity which had induced the speculations. With respect to the gambling in shores. that was a point which had nothing to doloith the objections to Witch he was now adverting for, as had been truly stated on a runner occasion by the Honourable Member fur Montrose (Mr. Hez,e), the country sustained no lost by such transactions. What one :ran was thus deprived of another man gained. With respect so itati seers of importation, the same argument which he had ap plied (o the case of exportation bore equally on the present subject. It was out of the power of any individual to detenuine what con. stituted excess either of exportation or importation. It was to him nom. Ltralr that then was a reciprocity of action on this subject for *Lie the country was importing with oite hand she was exporting With the other. This kind of balance must have been benetictal to the country. He was aware it might be objected that the assist ance which he sought to obtain would be provided for those who were dealing in matters which were of a differentcharacter. Hut he slid not teal El Impassion for sugb people g they ought to suffer fur their mocked& Aothe same time. howexer, he could not be inattentive to the state of extreme privation and suffering which was endured by numbers of undeaming persons in the City. In AIM an excessive was the state of misery that he was airaid of • ahocking the House by a recital of the lenticular.. ( Hear, hear.) Sat twitters hail not gone to the last stage of wretchedness. tor weir cos is were the miseries with which ce nmorce and vane bad been afflicted, it was to be fared that there would be more failures. aft i: dud the effect of the reactio;;;;fit;;;;llM;;;rppres.ise than at had been yet experienced. It was impossible to calruLtte the extent rtf misery in which innocent individuals might be in voked by the resolutions which were taking place. There was no confidence, for those houses which were considered to be the most stable had so unexpectedly and in such numbers failed, that no pemon knew to whom he could trust. There was the house of uoklichinidt, of the moat extensive dealings in the foreign occurs. ties. That house had failed, although it had been so wealthy as tot to know well how it maid employ its capital. In fact, one of the partners was Induced to dispose of :10,0001.• in the purchase of American stock. b: cause he did not know of any mode wherehy ots could dispose of the superfluity of capital to greater advantage. On the rime amount that house had formed an establishment at .Lewis, tot thepurper of disposing of goods on a kind of commis. pier. To this nioact they bad devoted 430001. and at the present moment there was a sum of 12.1.M101. due on their ad vances there. Such, however, was the situation of affairs that it would he Impossible to procure 1,2001. fee the 12,0001. Pte embarrammente of the House were however so suspected that at Vert , MI Amsterdam doubts were entertained of are Nolveney 01 taut 11Vttse. In fact, every thing moves! the truth of the maxim .ti^at •• delays are dangerous." But was the Government aware of Ist stets of the City so late as vesterday. when reports affecting 11l character of the most respectable houses were the current tanks, when the Brettilt funds fell 2 per cent. and the foreign 3 pee cent ? • With respect to the issue of Exchequer bills, he contended that an amount should be issued sufficient to arrive confidence - He did nit think ft was fair in the tioverninent, hremse it could not dig er 'v ate between the innocent and the guilty, that it should pro ceed on the principle of making all parties suffer. ( Hear, hear.) heels *commie of proceeding was very ungracious and ungrateful to I. commercial community which contributed so largely to support .. the a.-my and navy and other establishments. lie might be thought to Fare overcharged the picture of distress, hut he could solemnly declare that he had only acted in compliance with a emiscim t ions di, chyle°, hisillitv.anderomatulleonvictionorthenecesaityofthe case. He tel: rent difficulty how to make his feelings concur with his duty, but he found that it was imporaible an to am ma not to deviate from tee course he had hitherto pursued in that House. He was sorry that he was obliged on the present mamma to relinquish that seat t betted the Treasury Benches) which he had for some years been aecustomed to occupy. But however reluctantly he was obliged to sacrifice his feelings to his principles. of duty. he did not wish to appear as a spy in the enemy's camp. anti he had therefore deemed it right to retire to neutral ground. (Hear, hear, and i laugh.) t Thc Hon. Gentleman was seated under the gallery, between the 3liristerial and Opposition sides of the House.) The balance of trade ass nut to be determined by figures but by returns. It would be impossible to regulate this matter satisfactorily. He tnought it was to be left to the Bank of England to judge what was . t .s proper time to discount and when to leave off; bat he did not ;maitre that Ms Bank possessed the mesas of accurate inform'. son an the subject, for it depended on the returns, of which they cai:d rot well form a correct opinion, as there might belie lapse of sore than a year in thetas,. The argument deduced from former toms was fallacious, as there was at present a great difference on , this peint. lii (erne? periods the returns were easily known.but lat. terly increased supplies were got from the Continent from the great taertitiesaffotded by the tree trade system. The exchanges cannot be bum:. until the returnsfor goods exported to India, and to the other places where merchants traffic, are delivered. 'Chia causes an uncer. uenty. A favourite experiment Is that concerning the correney and Minty Laws, to bring beck the country to a wholesome state ; but they should net ruin banks for the purpose (hear, hear). -they shoeld let well alone. There is a stigma and distrust with respect to country banks calcelated to do mishief. He could not help contracting the distress with the Corn Laws. These were to be perse.:ered in because the agriculturists feared that the gross would grow under their feet. There was a greet difference of opinion in toe application of the words wholesome and unwholesome, but he way of opinion that the country was never in a mote prosperous ceadition than at present. All that was wanted was that proper mamma should be pursued to restore confidoace. This was the object 'of the memorialists. He intended to give notice of a mo tion for the appointment of a Select Committee to ingnire into the commercial distresses. The petition was to the followlag purport:— 's The merchants humbly pray - your Honourable House will be pleased. under the distressing circumstances stated, to take prompt measure' to pees an Art to authorise the issue of a ram in Ex chequer bill., not lees than five millions in amount, fur the relief of the present unparalleled embarrassments in the comMercial con]. Mundy of the United Kingdom." The CHANCELLOR of the EXCHEQUER said that the Doe. Member for the City Car. Wilson) had no occasion to anti cipate any severe animadversions on the substance of the petition which he had Introduced, or on the mode which he had adopted for t:.• purpose. He did, however, think that the Ikea. Member was raqsken in some particulars, though he gave him credit for feeling fur the distresses of his country. That was his duty. He (the (:itancellor of the Exchequer) did not, however, permit his feelings to influence his conduct on the present occasion, as he might thereby Muse great injustice. He had been asked the other night. was not ti e policy which had been adopted of a fatal tendency f and he had been taunted with the pertinacity of his adherence to the new 'ya wn. ffiknew indeed that there was great cause for deep regret s but he was also aware that it was the first step in which the Jiff. malty of the proceeding_lay in matters of this kind. He was te. night charged by the Hon. Member for the City (Mr. Wilson) on the same ground; but he believed that it generally if nut always happened, that every grievous case was sure to be more grievous than anj. which had preceded. His strong objection to comply with Os application for die issue of Excheither bills was, that it would be giving a bonus to extraergance, for the Hon. Member had told them of the extravagant cep-culatiene, and of the great distress which en. sued. Rut if one gained what the other lost, the disease must aeon efeet its own curs. (Hear, hear.) With respect to the case of the Ilmen- of Ooldacbmldt, It was evident that it had acted on a prin. ceple adverse to the pee'eion of the Honourable elemter. The locking up of SCOW: in the stocks of America partook of the character, anti formation of the corondesino establishment at Leeds The (Janet.' to be feared was. if the Government did extend the relief sought for in the present inetanse, thrt there would never be a clank on wild schemes and speculations. (Hear.) If he could per. fIJO himeelf, that this would be the 11_4 occurrence of the kind it would make a rest difFerence. But he much feared that compliance world may confirm and tender inevitable the practices width t,ad proved so oetritutntal. The Hon. M ember bad said that no than would go to the Bank. which has the power of lending money on stock, or seeonn: of the risk of exposure ; and yet the present mode had Men tawinttti out. which seemet: a mots objectionable one. lint why should the Government be reproved? Because it did not Pke to tend money for purposes whichje did thitippiess.„. IA Lade disegasione whirls occurred some years ago, nn matters or trade and cetnatetre, it wits objected that it was not competent for the Bark to lend money on good.. This object:an was removed. ' Ilbt if ji eople der not chnose to take aJvantage of the facil.ty ' arnoraffoidad why should the Government be expected to pectoral thWfunctinna of thn Blink' He would pass by the Usury end Coett Et. a He had, however, heard with dismay that tl.r. Bank of Englend was not to adjust its disrmate by the •ieete of die eurrerier sad of the exchanges; but if that were o.e case, all that had been done by Parliament to restore l':e atioleiunne currenty of the country was in vain. (Hear, hear.) ~, h o d , ,k . ,,„ h, was aware , w i t h more t h an Ids usual warmth ; be lima tlpv ken with' leas self.kossession than was c u st omar y w i t h him • a -11... in the earnestness of His argument. he had m a d e a n y *.ornislisflas P. soy nuitter of importance. or if there were any de. frets in the manlier m which be had stated his views, he hoped the House would not maths it to any want of sympathy on his part (dram) to the disrepute which be admitted to preys%l, and to the remedy of rebid] he wee enzioos to direct the best powers of his awed (cheer.), aided mid assisted by the talents of those by whom he wa s surn.ringed, anti sthn were equally anxious for the attain ment of the lime object. (Hear, hear, hear.) lie hoped that he I,d satisfied the Hon. Member far the City (Mr. T. Wdeon), and atww•heiwtd proved to the House tin impolicy of adopting the pro ton:leen 10.1111Choll been made. (The Right Hon. Gentleman then sat down areitlet *continued cheering from all parts of the House.) Mr. T. 'kV rtzoN explained. Mr. $A RING then roe.; butt swing to the noise in the House ore the low nine of voice hi which be spoke, it was some minutes lo.fore warould hear him distinctly. He could assure the Right Weeouratde Gentlemen (the ellanCfHer of the Exchequer) that It wan by no futons necessary for him to declare that the extent of the present rest sad if trel:ng distresses of the country had produced in his breast the strongest feelings of sympathy for the aufrinera. He firstly believed that the Right Hon. Gentleinan did feel strongly open the sobjecl, hut ettll ne must say that the whole of his speech loollebt the clearest conetetion to his (Mr. Baring's) mind that he ant *at sensible of Me depths of the mischief likely to accrue from thevefuoil of Ms Majesty's Ministers to accede to tho measure. (If. ' °".".. ) :He Weed therefore that the House would not be canned away by the evident good faith which characterised every - tir i~ } 1 THE BRITISH PRESS. 'entente of the speech of the Right Honourable Gentleman. (Hear, hear.) He had no hesitation in eaysne that any individual who treated the state of the whole mass of the industry of the country in the manner and in the language of such a description as that used by the Right lion. Gentleman. must be totally ignorant of its real extent. The merchant. of the pity or London had been charged with imprudence, and with embarking in visionary speculations, but the charge was not capable of proof; the tact was, that three Murtha of the speculations which had caused the distrenne of the country were got up in the hunt of Coin by some petty attorney or agent, and not by commercial men. As many of those specula. stone originated in the west end as in the east—Ws many in St. James's-street as upon the Royal Exchange, although all might hove ultimately made their appearance at the latter place. It was therefore unfair to lay the blame entirely at the doors of the mer chants. A Noble boot in the other Home of Parliament had held himself and his colleagues in the ministry clear of all censure in consequence of the state of the country. because he hail given a warning of what would be the result of 'time speculations; bite he (11Ir. Raring) felt LAMA to say, that if :Unkind* did not take toraserea to relieve that distress, they would be responaibiefor con sequences hereafter. (Hear, hear.) It was not bemuse. they had predicted the evils that they were not bound to find a remedy ; and when they hail one within their grasp—a remedy which had been adopted by the greatest men of their time, and with entire success, they were deeply indeed responaible if they refused to apply it. If all the cases of distress in which the country had been ewer Im plicated were put together, they would not amount, rn maw, to the degree of embarresidng and intricate evils which at present per vade the country, and which have not been a little aggraeated by the measures of his Majesty's Ministers. The present case was peculiar in itself; it •rove, not from want of properly to riches in the country, bat ,trom the cessation of commercial intercourse— from the abstraction of a circulating medami—:caul from II general want of confidence, each penten fearing that he would be unable to fulfil b's engagements. mid consequently afraid to risk his personal seety in ae.pting his neighbour. Government paper, however, will maintained its. credit, and under ouch circumstances hie Ma jesty's Ministers should issue Exchequer bills, which, after all, were but the fugal' of wealth, upon merchandise, which wise/dirt substantial property. (Hear, hear.) There need aimed it period in which such a measure could be so beneficisity or usefully adopt ed as at that moment. It was not time to talk of acting upon rigid principle without listening to the advice of practical nscii—it way no time ear the Right lion. cientlemen to degiare that all occa sional saantetsce was good tar nothing, and things must eventually coins rotted, although some temporary distress might be occanion. ed. He would IA if Minim, rs did not orcanonally lay rigid prin ciple aside shogether in political difficulties? Did they not arca siortally interfoe by introducing an extraordinary measure, for the ,puepose of escaping an extraordinary difficulty? (Hear, hear.) He' was willing to nines that if Government were frequently to inter. fere in the manner its which they were at present called upon, such interference could not tail to be most pernicious in is effect ; but in a case like that which now pleased itself upon their attention, they were as strenuously bound to interfere as they were at other times justified in refraining from making such interference a mat ter of common practice. He had little more with which to occupy the atteutloo of the House, but he wished to Milo one ',nervation to show that it would be better to extend relief to the commercial interests of the country by means of rat issue of Exchequer bills, than by encouraging the Bank of England to advance money upon merchandise. Nothing could be more contrary to principle, in his opinion, thin it would be for the Bank to lend money upon merchandise. They might have the power of doing so, accordieg to their charter (and the cl tune which conferred that power might have been discovered by some antiquarian in those matter's, and he must acknowledge that the time in which the discovery had been made was moat appropriate), but if they were to act upon that power in accordance with the wishes of Ministers, the result would be that they weal be appealed to every two or three months for similar advances. The interference of Parliament was the beat mode of procedure under the circumstances= tint, because of its formality, and secondly, because the notoriety . attending such a measure would be a sufficient guarantee against its being used upon improper occasions. (hear, hear, hear.) The , Treasury, however, seemed anxious to get rid of the question, by sending the petitioners to the Bank for thatrelief whichshould more properly emanate from the Government itself. He would contend I .to the best that there never existed an occasion in which Ministers ! were so imperiously called upon to accede to the prayer of the peti tioners, by adopting the system which bad been upon a former oc casion successfully resorted to—which at that time operated like a chasm, and which would of itself be sufficient to remedy most of the evils of the country. In conclusion he could not het, saying that his Hon. Friend (Mr. T. Wilson) had dune no more than was consistent with his own feelings and with his duty to his consti. tuents, and he was sure they must feel indebted to him for the res . lous manner in which he had advocated their interests. (Much cheering.) Mr. JOHN smrTn said that Ministers were then standing upon the brink of a precipice. They were endeavouring to place the currency of the country upon a different Meting, and in the prosecution of that measure (whether through their own clumsiness or not he could not say) they had more opposition than could have been calculated upon from the nature of the measure. The alarm which had been in consequence created had 'Triad throughout the country and increasel the distresses, which it was the wish of all to remedy. He wished to ask, if the debates upon the currency, which had been so fully entrained already, were to be entered upon a second time upon some future occasion ? If not, the pie. nut time stood by itself, and required especial consideration. N o person living cool' remember an instance in which similar distresa had prevailed; nor was there ever a period In which so many Linkers had faint in London, Leeds, Leicester, and throughout the country. It was perfectly true that *Mum speculations had been afloat, and he had himself predicted what must have been the result of those visionary schemes. It was true that in that pre diction he had mistaken the time, having said that the evil results would be cons) tenon in spying , and not in the winter; but still Le would say. that few of those persons who now looked to the Goose tor relief were of the class of speculators. They were mostly honest tradesmen, whom the real speculators had drawn into the same distresses in which they bad involved themselves. Ile begged leave to direct the attention of the House to the state of the silk trade. Ile knew many highly respectable men in that trade who would not manufacture silk at the present moment, because they could not sell an ounce of it. (Hear, hear.) He knew ode person who was possessed of 40,00 W. worth of silk, and yet could not go on for want of money. He was disposed to give every degree of credit to the Right Hoe. Onsileman (Mr. Huskiseno), for the me a su re h e had inttpthund in the last Session of Parliament, relative to the importation of foreign silks; but by a clause in that measure it was not to be brought into operation until next July. lie was of opi nion that it would be a great relief to the silk trade if that clause were to be repealed, and if the measure Were to bt put into immediate force. (Hear, hear, hear.) With respect to the question before the House, he must say that he firmly believed that no harm could by possibility result from the proposal of the Hon. Gentle. man (Mr. T. Wilson). There was no question but the Bank pos sessed the power of advancing money upon merchandise, but the preferable mode of relieving the commercial distresses would b e b y an advance of Exchequet - bills. But what were the merchants to do if the Bask refused the one, and the Government the other? (Hear, hear.) He was sure that in that case all would lament the withholding that relief which, if now proffered, might prove eth. dent. At all events Government was bound in dnty to use every exertion to bring the country through its present difficulties. Be. fore be sat dmen he wished to say • word as to the principle which had been had down by • Noble Lord in the other House two or three years ago. That Noble Lord maintained that in case of famine Goternment woe not bound to interfere, for such interfe ference would destroy that caution which ought individually, as well as ly, to be felt throughout the country. To this ar. gumentr lid reply, that Government ought to legi s l ate solely upon motives of public utili. In conclusion he d ec l are d t h at lithe Right Hon. Gentleman (the Chancellor of the Exchequers could shuw that greater evils would be likely to result from couces non than fr en a retuaal to accede to the measure, he would cease to press it upon them ; but at that moment be felt contileut that he could ho do an. (Hear, hear.) ......... Mr. PIIABSE said that tiie reams the Bank of Englend would not adopt the DIMWIT proposed to them, of advancing money upon pretchwidise, was because they were aware that a better remedy could be applied to the commercial distresses of the country (chats). a measure to which the objections that weighed with them did not apply. In the year 1793. the Commisaion which had been appointed NV the issue of Exchequer bills upon merchandise was composed of persons who represented the various parts of the coon. try in rthicir the distress was prevalent, but the Bank had not the y 'or .10MA:A each a-consmistalan. Independent of abet, lame etc., the Brest notoriety of a parliamentary ineesure—lndeed the very tact of he lying forth to the public, that that Howie had en tered w a rmly epos the subject of the distresees °idle country, could not tail to be satisfactory and encouraging to tile great mass of the people. He was of opinion that the some: amount of Ex eheqper hells (five millions) which bad been iii4anced in 1793 would produce the effect dented. (Hear, Mato If the Bank pus. seised the power of lending money upon mezehandise, it was, upon the very face of the charter, a permissive power rather than one which obyht to be encouraged. The Act upon which the charter is founded prohibits the Bank front purchasing gouda ; but it adds, that when money had been advanced upon merchandise, if the latter becomes furteited, they tray sell it to the best advantage. He did sot, however, see why the Bank should at all be appealed to when they had before them an expedient which, when formerly tried, had so completely arswered every purpose to which it had been applied, and which he had no dtnibt would operate mere than any other meuure what ever in immediately restoring confidence to the mercantile transac tions of the country. (Hear, hear.) If the Bank were to advance the sum requital, be was certain that it would never produce the effect that sould result trom its being advanced by the - Goverment. Mr. BRIOHT said that the merchants seemed to be fully persuaded that the measure of 1793, it again resorted to, would fatly mower the purpose of relieving tie thanes.. But yet there seemed to be a question whether some new plan which had never heen proval should not be adopted. lie would take that oppormaity of s:ate,g to the House a passage from the Report of 02 Commiseinons who had been sppoimr/ in 1793, in order to show the effect which had been produced at that period by the issue oyExehemser sills. The effect was immediate, the die ' tress was alleviated, and that with a profit to tile Treasury, alter defraying all expenses. %Vert ?hey not at that moment in want of some etich measure ? and had they not it ready drawn up to their hand in the very measure to which he was alluding ? No man had ever read in the pages of history of such a slate of distress As this country at present exhibited, and the measure, if adopted, could therefore afford no precedent for its repetition upon a future occasion. The Right lion. Gentleman had disclaimed the e i l eon. ragement of speculation, but he had forgotxon all the speeches which ha had uttered relative to the prosperity of the country, which 1 in- puree they could not else their conviction. It had been, tlirongli round upon the public and stated. that he would act upo n . p iea upon out ale whole of this argdment, aseureed that what his Major') 's contributed not a little to the* speculations, and yet now he t urned submit • but although the hours might thus overpower their MPA ciple, and tot listen to those pereons who were boot into: , the subject.• Ile ',mild auk the Right Hon. Gentleman t . , used suc h flume. eedenta . Ile serried, however, Nair diet it was nu such thing: and acting upon rigid prieeiple when his motions Ca were deeired In do. ROA in a c etree of a fierier, of Kern er time: in the money market—alien the prier of Exchequ • _ ha il. : I ll ic iin ve is n t t e u rs red (net incily to Affirm that. putting out of the moot ton for been raised to par immediately subeeq "In to large males a t ' of one mcnt would be right or wrong , it would he , if adopted, anew mea. ibil a Usl d e e by a moment, whether the mean ore recotienentlecl to Govern -1 proms not conteniphumg moat a torneure, per cent. ? r • . reale, he would npnly himself to the expediency o the rn • . f ...owe eases that of 1793 was the only one that could be applied at all - . Hoyingoenue elisposed of the argi at n . tienle cn a u s ° to prin sore in a:I ire coanthil particular.. Of all the preceding /le would nett the dlinintry whether woe of 1793 was produchve of the desired e —ed dirt whether it was ono imie. With respect to th e subsequent cues, he would dismiss they believed that the ma- But . betweenthat case and the present there existed very great die. not . • • I fledupon the House resorted to it was in a time of war, and during the permit of th e if it.was CACI& tea to effect that object, se es calculated for the preeervatiau of the mercantile interests? Arid them on these two observations. When _ themeasurepropord w as teerence as to the effect any advances of Exchequer bill* might wax his decided (pinion. that unless as issue of Exchequer hills . to resort to tried and efficient measurers. (Hear, lies, hear.) It a llar . .k restriction Aethear, bee), making, in his opinion, a total thadistmetion nitwit bis Majesty ' s Government had always take:, te w i tt y k eri Pi nie lite craiet %ll. dirket. (Hea, hear.) As to the year 1793, i c t o s u r a r t ri r l y nu m s u . s i t ttta geJ on w . one and worse , instead of se- have in the money m e two cellist of the Enclie9uer) hed attribisted the distresses of t __. he coon_ this: that tile otiose which had produced Mr. H. SUMNER nisi the ilighe Hon. Gentleman (the Chan- between bust period and the present, wheth • distresses in t er right or wiongh, was try to wild speetelettone, and that any cline to relieve the eug periods were essentially different. It had been 'mid that Onvern o would be only °Ening a bonus to visionary reticules in future. Tee nient should 'recommend to Parliament to lend money to indivi. fact was, however, that those who riginated sorb speculations hal duals who were engaged in trade anti had been suddenly di stressed, been all Dept from the stage—they had pasta anay ; and it were • ienever any poll. 1 any thing in the state of public affairs had occurred over Moe p Ins who hat been intmeendv affected by their connexions which the people had no power of controul, or w henever. had weft them whom the Government w.s now called upon to relieve. tient movements had produced e ff ects unexpectedse, and i ces.. nd It WWI not, however, futtheir fors ;it was to cheek a state of fair 'menthe:foe. Now the distinction between the state of t Inge sakes alone that his niajtoty'e Minis- cloned a disturbance of theorist and ordinary course of trade h. tees were' called upon to step • roan which wasextendiag Moir file and wide, and attains which no in 1793 and the . re t station, twortever high, could be moldered as secure. It was i:11. done at that time. It tenaufflodrdne6 onffident reason! , for whatever was station, net be doubteel th at the breaking out h possible to fonesee where it would terminate, unless some counter- of the war had great effect in pro ducing disturbance in the the acting influence were adopted. I: might be compared to a fire commercial world. Every body knew how sudden t hat event hap spreading itself from house to house, and which, tf not checked, pened. In the year 17n 2 the country was in a state of repose, and must ineeitableeterreinate is the conffegration of the eity. even Mr. William Pitt himself did not expect the change that so Mr. 31ONTEITH said that he was 'sorry to hear the Right quickly followed. He (Mr. Canning) did not say this from any Honourable lieetlenianeny that nothieg should induce him to de. disrespect to that greet man. He venerated his mammy as much part tram the principle he had laid down ; but in his opinion it was as any man. but he mentioned it rather as a proof how short, even absetutely nevem, that reonething should be done for the present in gifted minds, was the power of foresight. Thus, a great a sud moment. 1f Miruettne persevered hi resisting the applications den, and an unexpected variation took place in the stets of the coun. matte to Omni to relieve-the present distrooto, he thought they try, arising not out of the ads of indivieuels, but resulting from would thereby Incur sheave respoeslbility. (Ilear, hear.) State difficulties: The conseq u ences therefore were inevitable, and Mr. Al AN'NING owe, tot spoke In so low a tone of voice that necessarily gave those who suffered a claim an the publiclifeofdtieettineof; scarcely any of his oltserrattous curbed the gallery. We under- such as did not now exist in the eleventh year o peace. What at he stood the Doisofifember to espouse the measure suggested by the mean to say therefore that this was not a case for r elief. prayer of the petition. -Ile remieded the House that in the year said was, that those whose duty it was to do an had considered the 1793, the moment it was known; that at the instance of his Ma. question deeply, and had mode up their minds that there did not jesty's Government this Iloune thought tit to exert itself to relieve exist the same reasons for tidoptins a similar measure to what was the distresses then prevoiling, those distresses subsided (hear, dove on former occasions under thin:rent circumstances. Ile was hear). confidence was teetered, and that out of the sum of five mil. net doing more by adverting to past t aaaaa ctionsthan to motive the lions granted by the (louse to he advanced in Exchequer Bills to inference that they had only to do now what was done in the year the public, there was only 2.203,0d0e of it lent. and although an- 1793; and to show that the m ea sure which his Majesty's Ministers plications to the extent of 1.300,000 i. more were acceded to, yet the were required to do this year was a very different thing when adopt money was never advanced, becaute the parties found relief from ed under the circumstances of 1793. And, if different in itself, all hands the moment confidence bad returned. (Hear. hear.) would it not be different in its consequences? By not complying When his Majesty's aliiiiatos in this House. and also in another with the proposition that was made to them, his Maj.-Ivy's Minis. place, had titotight fit to °huge the whole of the distresses of the ter, would certainly have to provide a precedent of a refusal on the country upon the spirit of speculation that prevailed, and designated part of this Parliament. to any similar appeals that might be made the evils to be the result of the taint "stork companies, he must thereafter against the importunities of that day. But if they gave take leave to differ from them. He was not desirous of throwing way now (meaning the Parliament, as well as the Government), any particular blame on,his Majesty's Ministers for the course they there was no possible distress that could happen, in a state of the had formerly pursued ; but In speaking of the causes of the die. most profound peace, in which this precedent would not enable per. tresses of the country, he mug declare both publicly and privately sons to found claims for relief from the country. It would be a that It was his opinion many of the ills loose from the measures thousand times worse in its consequences than the effects of any that had been adopted from a desire of reducing taxation. The temporary good it could produce, by the precedent it would eata. reduction of the 5 per emits. to 4 per cents., and the reduction of nin th ; though, by acceding to it, Government would be making the rate of Interest on Exche q uer bine (hear, hear), were measures, an offering to popularity. But having given the case the best con in his judgment, ton hastily adopted The consequence that fol. sideration in their power, and having come to the conviction that lowed was, that retry man voted ' A money in foreign securities, such a course ought not to be proposed, they could not, notwith ip order to obtain a higher rate ' return. On a former Session standing the admonitions they had received, yield to the doctrines the House had had papers 1.. d on their table, showing what that had been laid down by the Hon. Gentleman tomight. By de. was the rate of the interest that could be obtained for mo. dining to give in to these recommeodations, his Majesty's Minis. ney at Vienna, Paris, and tenet parts of the cominent amounting tees did not preclude relief: his reason for ref, ming to the in some cases to 7 and 8 per cent. 'Phis was no new fact; it had clause in the Bank Act was in order to show this fact. been stated by Mr. Harman, when Governor sf the Bank of Eng. The Bank possessed the power to rennet the assistance re. land, before a Committee of that House. Without, therefore, quired; It stood upon the footing of its other functions. It was throwing blame on any one, he would say that there had been for them to do as they pleased : nobody had a right to call them to measures adoptedin this country that had led, step by step, to the account for their tlecision. That power had not been wholly dia. present distresses. In stating that a great deal of money had been tieed. In determining, therefore, to carry this clause into excel. vested in foreign loans, he was willing to allow that a consider. Mtn, it could not he 'said that it had never been acted upon before. able sum of money returned to this country in the shape of profit. Now, as to the objection which was taken to this mode of relief. But still, when he heard his Majesty's Ministers attribute all the It was said by the Hon. Member for Taunton (Mr. A. Baring), evils that had taken place to speculation, be was anxious that the that merchants would not apply to the Bank for assistance. But I louse should not be deluded by such representations. The coon. why they should not, he for the life of him maid not understand. try was now arrived at a state which made it imperative that some What was the ordinary course of business between merchants and decisive measure should be adopted for its relief ; and he should the Bank ? It was that the Bank discounted bills. What was i be linens. to second the motion of his lion. Friend (Mr. T. Wil- the case at present ? Why, that the bill which formed the conex ron) for inquiry. Ile would not pre s s his alejesty's Ministers ion of the Bank and the holders of goods, and which was the out. Low for an answer. He hoped they would take the tinte that ward and visible sign of the property, was not now to be had ; that would intervene be oit his Hon. Friend made his motion, to con. there was a clusin between the Corner purchasers and the eider well the subje t. lie did not wish them to commit themselves Bank, and that the money must now be lent directly to the by any hasty cline son of opinion. But the question for .heir can. merchant. To be sure there was a discretion exercised on the sideration was, wh thee they would persevere in that course winch part of the Bank in these transactions; but why was it then he most conscientawsly believed would tend rather to at vote that the merchant who might go to the Bank without the than extenuate the evils that exited. (Hear, hear.) Mischief risk of being refused with respect to the credit of the person whose had extended to every merchant, and the state of the country bill of exchange it was, anti which might he liable to objection; called loudly upon the Government to administer relief. Ile en- why should there be a shyness in submitting to deposit the bill of treated his Majesty's Ministers to consider whether the course re- tierce's or the invoice, in which there could be no deceit, aliout commended by the Committee of 1811, in winch the Noble Lori whose value there could be no contest, and which afforded the best (Binning), the Member for Rochester, was Chairman, was no• foundation for an advance of money ? Ile could not conceive why proper tone followed in the present mien; and whether, if adopted, such a Mime could not be taken when the necessity of the cr isis there was not the same probability of the affair/I°f the country being rendered it desirable. The necessity of a proceeding of this nature equally well wound up. He exhorted them to reflect how Mean- was stronger now than in any former times, for by the mode in which venient it rites: be for the Directors of the Bank of England to be bus,nesa used to be umlauted there was not that security afforded obliged to turn out of their regular coureeto meet the exigencies of to persons advancing money on goods; but now in nine instance' the times. It woo, he assured the House, from no want or desire out of ten the goods were warehoused, and the transfer of the key of doing good on the part of the Directors thst they felt anxious to was a legal transfer of possession of the goods. Surely the facility , refer these measures t o his Majesty's Government for their serious which WAS thus afforded might without say danger be made avail. re-consideration, but from a conviction that the measure. In order able, if the Directors of the Bank would evince a dispostgon favour. to be effective, should be one on the part of Government alone. able towards it. The Bank, it was true, were at liberty to decide Mr. Secretary CANNING so far agreed with the lion. Gent. who for themselves: l:overnment had no right to do otherwise than to commenced this discussion, in considering that as this question was express an opinion with regard to the conduct of that body ; to be brought befo re th e H ouse on a f uture day, in a state in which he had t a ke n th a t liberty, without any offence he said it. :t would leave ample room for argument, it was not desirable to but founded upon the liberty in (millet' the Honourable Direettes prolong on the present occasion any dis:ussion on the subject, more in that House had taken in expreesiper their opinion as to what especially as there stood for this night' s c ons id erat i on a mo ti on o f oug h t to h e t h e con d uct o f his Majesty's Ministers. When the great interest, touching some topics that would be necessarily time should come for the more full discussion of the subject, he 'brought forward. He could not, however, suffer what had been should be prepared to enter more at length into theararnments by said by the Hon. Gentleman behind him (Mr. )Vileon) and also by which the eo;,duct of his Majesty's Ministers were justified and the Hon. Member who had just sat down, both of whom had ad. sustained. The Honourable Batik Director (Mr. Manning), who dressed themselves to his Majesty's nlinitaers in a tone of autho. intended to second the motion of the Honourable Member for Len t* and admonition, to Maas without mateirrg some observations, don (Mr. T.Wileone had thought fit to say. that during the time of and without also m a ki ng a statement, -on the pact of his Majesty's the panic In the mouth of December last, his Majesty's Ministers Government. of the principles and grounds upon which they acted. were out of town. For himself, and for. his Right Honourable He thought it fair to throw out of the question altogether the cri- Friends about him (the Chancellor of the Exchequer, mid the Pre f mination and the recrimination that had taken place in that liouse, eident of the Board of Trade) he could say, that for every day and and to proceed to the observations that had been made. The Hon. every night they were at their post, engaged in constant and anxious Member for London thought that whoever was sensible of the die. considenation upon these distresses. He could appeal to several tresses of the country was bound to adopt, without examination, Honourable Directors who were in town at that period; he could and against all conviction, whatever remedy any man might pro. not appeal to the Honourable Gentleman (Mr. Manning), who was . pose for the redress of these grievunees that existed. But it was not in town (a laugh.) whether he and its colleagues were not u unfair to infer from a rejection of those measures, that there was anxiously engaged at that crisis as the honourable Gentleman him. therefore an inietilithility to the distresses of the people. For him- self. whether he was in town or t , t ; if he was, he (Mr. Canning) adfand for his colleagues he utterly disclaimed such an imputation. and his colleagues had not the horoar of seeing him. He and his It was unpin to impute to those upon whoth devolved.. every day Right Honourable Friends were in town donee( the whole of that and every night, the care and untidy of considering what remedies crisis, and were never for a moment otherwise than incessantly la could las applied to those distresses, the contemplation of which homing. He believed he could appeal to the Honourable Direc. must be most painful to then, so long as they felt as men. To tors of the Bank, whether there was nay want of disposition or charge them with indiffereece wee to impute to them not only a anxiety on the part of Ministers tocensider what could he done to re want of feeling but a want of sense, which would totally unfit them lieve the country from its calamitous situation • and whether there to hold a seat among th see by w h om t h e y were now surrounded, was any want on the part of Ministers to render that acknowledg. But what wu the duty of his Majesty's Ministers? The state' or meat which they thought due to the dnnduct of the Bank during the country was afflicting and alarming, but the whole question that crisis. (The Right Honourable Gentleman sat down amidst he took leave to say, was 110 t this, %Chether the state of the country loud cheers,) were Warming arid afflicting. hut whether the particular remedy Mr. MANNING explained. which the Hun. Gentlemen suggested ought therefore to be adopted Alr. PEARSE also explained. He had only expreesed his without examination, and even against the judgment of those on honest opinion as to what was the best course to be pursued. The whom they would imp .se the tad:, and the responsibility of ad opt. Bsnkdid not, in offering their objections, presume to dictate to ing it ? (Hear, hear.) Among the consequences that were three:. Government, but only took the liberty to suggest, that as the ened to the Government if they lathered to their quern, and re. system of relief pursued in 1793 had succeeded so well, whether it (used to itcquiesce in the suggestions of the Hon. Gentlemen who would not be a proper measure for his Majesty's Ministers to adopt had spoken to-night, was the forfeiture of public confidence and at the present time. the loss of popular support. But if popularity was the only object Friend (the Chancellor of the Exchegnee) could Mr. ROBERTSON said his hlneesty's Mi n ist ers h a d p l ace d of his Right Hon any man doubt that th e mast advisable thidg he could lotve n t he Sovereign of the country in a arose un p rece d ente d s i tuat i on. to night would have b ee n, t o h ave stoo d up m his piece, and hove His Majesty could not change his Mi n i s t ers b ecame h e h o d no others to put in their places, (hear, hear, and laughter,) and . yet said, " True it is that my opinion on th e subject remains un changed. although I asp ready to 'yield to the call of popular], the Ministers had declared that unless they were supported in a true it is that my judgment remains unconvinced, although not Y ; system against which the voice of the whole nation was opposed, conduct shall be to rive way to the current of popular feeling." they would leave their places; so that lie could rot rote against the measures introduced,. however ebnoxioue, because if he did it But Le would say, that if his Re: Hun. Friend had acted dill. , be wait , ihnitime tmehtersed hitt tot. A mintstetv the cteie l e .. grunt beide/nu his Moja", in a shwa s on Women enbanetelne. ougltniut to yield or•to emelt to any thing but from a conviction (The nip of " question' were now so loud that we could tart citish any other of the Honoorable Alember's obs erva ti ons .) °Niue ; and that whatever measure was brought forward by hint, he ought to endeavour to carry it through all its .retails; hut if re. - Mr. Alderman BRIDGES thought it extraordinary that an eietance should be t oo p ower f u l Mr him, he would, at all events, much ob j e ction should be made on this ocesaion by his Majesty's hove the consciournes e of h av i ng acte d as I t b ecame a Minn a . Miniver* to 'Wept the mode of Valet' pursued in 1793. since that 1 ter of the Crown." He would repeat that if that 31inister's mode had been found en succeesfill in all cases. The Right Hon. jadgrnent remsinedi uncnerinced e his duty was not to sake Gentleman had noticed the difference in the canoes of dlstrees ; the line which ethers pointed our, but to persevere in that very true the causes were different, but the distress was similar ; which hi s own retieetion% and exp e ri e n ce h a d l e d hi m to a d opt. and one hundred merchants, assembled in the city of London, His Majesty's Ministers said distinctly that their opinion was, were uniformly et opinion that the Mecums - mem of the country that the lit remedy for the existing grieves/Cep was the exercise of wire precisely gender to those of 1793. merchandire. Mar, hear.) The Honourable Director ( M r . Ministerial side of the House hail given their advice Gut Dube-. that power which the Bank o f E ng l vti d h a d to l en d money on M r. CCHT EIn tho u that as several Hon. Members.on th e Parse) had !mid that this was s' mere permissive power. Pat if Mice bills should be adynered by Government, he thought it right that were the nature of the power, what was the power which the awl proper that they should be. (Itetigliter.) Ile begged to remind Bank possessed to buy gold ant silver? IVlty, in the Art o f his Majnity's Ministers th a t thi s a d v i ce came from t h e i r own William and Mary, by which the Bank was incorporated, these friend', and that the course they therneelves wore pursuire was powers were enacted in the very same chaotic, without any division, that recommended by Gentlemen on his (the Opposition) side of and the words merely separates: by a comma ; and he defied any the House. It was is dangerous precedent for Ministers to adopt, any man to show how one power was more permissive, nr, on t h e in f o ll ow i ng th e a d v i ce o f those who were not of their friends, tut ethos hand, more imperative thaa the o t h er , Tire Act hail a par. who were their general opponents. tinder clause, declarotory, thst nothing therein contented Witold b e The petition was then brought up, read, and ordered to lie on can n a , tr a u d ed v ai l: irprevent t y he on ßa g ilf s ro w n h i i i c i h ur o ch o is ti si i n i g re g a o l l l d y, a a n r il d s b i o lsz. fid n e r tite m t r ah T le . . ttce be : WILSON gave notice that he should ppointod ta inquire into the h b o e w le t f h t e fue po se w eu er r t i o ty i . ,uy N g o ol w d , an he d d s e i fi lv ed er awnyuGicaniptlecraintaivilet,o if inetsvo lead • distresses s in o t f 01 the Specia l Com i tni on Tuesday next mode were permis s ive. He would ask. whether the one comment* part of the community. money on was not implied airMUCti a May, or if the' pleised, throne was left THE SILK TRADE. the Hotiournble !!'rectors were at liberty to say whether they would RR touch in the discretion a the Bank as the other ? Undoubtedly, foreign-zoought silks in July Mr. ELLICE pre:tested a petition from thejourneymen silk. dyers of Sin oilfields, mai also one front the inhabitants of Covoutry, against the law for the iseportation of act upon this power or not; and they had acedrdingfy paid that they themselves mat Masi very would rot. But he thought it a little herd. that when his Majes ty's "xt. right to do so.'notice of a motion this night WAS one that ea present alniost exclu ty's Minieters only claimed the puree privilege of determining e n Mr. ELLICE said, that as th e subject on which he hod given them • • Directors shoed , : say the Ministers .siytly engaged the public had n o . That great cesporation had declared th at mind, he hoped the 11 le onourable Gentle they would net—sett ern ratiun e railer,; "we hate considered man (alr. Hume) would run insist upond the prcee ence of his mo. of it, and we will nnt. ' Now, his nfoleety's Ministers had con. non respecting the Mutiny at Borrackpoor, which stood for this eiders! the proposition made to them, and they did not feel it their 131 8itle duty to Oppose It to Parliament for adeptinn. But if the feelings Mr. lIIIME said that when he gave notice of his motion he of tour or five Gentlemen 'should be able to Induce the House to hoped the information from his Illoiesty's Mini woul have sanction such a coup e , hi s /R ni Ministers mast, of aisin y course, been afforde d without opposition ; and he now sters asked cute Right Hon. Gentleman opposite (Mr. Wynn) s ?mate: b• production of the papers required ? Mr. C. ii'. WYNN could only repeat ch at 1. commencement of the Session, that he die not ee, ment alluded to could with propriety beg yen. Mr. V1731E said that he abould take et. ey the subject before the House until he nbta •.ed THE SILK TRAI•is, Mr. ELLICE said that the prayers • f the which had been presented upon the subject of a the great distress that must have been witt.es,a Member in and about the vicinity of ti a L .... parts of the country, and the deep distress . .ha• among all classes of persons who were engerol . unnecessary for him to dwell upon the hinter. ject upon which it row became his duty t o l On quite imam of his inability to do jarti ee trusted to him, hut he hoped the House wo .id es. attention while he stated the grounds wiry f. bring the subject under their consideration. without explaining distinctly the principles en ;v.._ deerskin to introduce pud stippon this motine. open any opposit•on to those principles which th Gentleman (Mr. Huskimon) first of all introdu. sure into the Home lie bad been an humble instru• the adoption of those principles. But admitting the those principles, he was of opinion there were exeep was neceesary for practical statesmen to admit In thei When at the commencement of the peace Minlmers t et the trade of this kingdom, they ought to have eons the principles by which it had been previously reguli to learn the basis on which it stood. lie was not o n s ay with the opponents of free trade, that our trade at tures had grown up under different principles; the int commerce might in some measure be explained without ence to our commercial code, but during a long midis' ed war, the comparative calm and security which enjoyed e 'used a large amount of capital to flow into coon tras. Ile was one of those who, approving the free trade, hailed with joy the sew state of things, I Member of the Committee appointed to investigate th kingdom, and to consider the means by which it mil and improved. But while he was 'willing to support t Government in opening our markets to foreign mant thought that they ought to begin at the right end ; to establish the currency on a secure and firm basis, bring about a reduction and insure tile steadiness o ought to lighten the weight of taxes or an to alt sition of them, as to relieve the humble and they ought to amend the Corn Laws, and place o ur l a l a f ooti n g that he might compete with the labourer lions ; having done all this, they might proceed hazard to throw opmi our. pone to foreign manufacti that many of his friends differed from Mm, and sib return to the old system. With respect to the prii trade, he did not mean to enter into disputation ; hi measure wait, that it ought to have Leen preceded by , conduct ; the silk trade ought to have been appeoscht other branches of trade which had grown up under W which legislative interference would have proved would have proceeded by slow and cautious steps, t avoid giving the manufacturer any reason to suspect to complain that his neighbour was better than bimsel therefore, this measure on account of the manner ' had been conducted, and not for it+ principles, he not liable to the imputation of inconsistency. lie had that this, together with other branches of trade, had' jut of investigation above stairs; but with respect is macular a more minute investigation had taken p 1 lipase of Parliament. In the whole of that inveetit was taken than the importance of the affair demands manuf tourers of Manchester stated that the trade nil to resist any foreign competition, and thirewas all collected on that occasion. Ile would ask the HI whether our experience since that dote, and the qt motion that flowed in, did not wart.mt the reeonsl measure ! The measure of the Right Hon. Genie good, so far a+ it had compelled the manufactures to of his trade b eh at horns and abroad. Gentlemen coot silk trade had visited the manufacturing districts of Fr seriand. and had laid before the Right Hon. Gentlernt their researches. He would now proceed testate the di of the manufacture, with their various complaints, mable difficulties which they were to encounter frot The silk trade might be divided into four brut throwsters, who prepared the silk in the first instar the broad trade, and the narrow trade. The them to have no complaint to make on the genre of int hod arrived at such perfection that they could not c. further improvement; they knew the stare of (mei and thought it not superior to their own, which howe admit of no improvement- But the throwsters had out a rase to Government which entitled them, a tit • protective of 7s. frd. per lb. duty on foreign silks Government. by appealing t I Parliament, reduces' this pmt. tion duty 2s. 6,1. pound. pound. Now he could not conceive hot Go. vernment could justify this interference with the property of others; for those who had silk on hand must have sustained a loss to the extent of the reduced duty. The thmwsters stated in their petition that however improved their machinery might be, yet that fu quantity of human labour requisite tor their mer,ufacture mum great as to preclude the possibility of competition with those tom. tries where that labour was to be procured at a cheaper rate. The distress of the trade was so great that even with a protecting duty of 5%. per lb. a great number of artificers nest apprentices were thrown on the parish. He wished the Right lion. Gentleman to pay attention to these representations, which he world be glad to find exaggerated, but if true deserved to be known. The nest branch to which he would tall the attention of the House was the broad silk. He did not wish to gn into details, and would there- fore confine himself to the fact, that the cheapness of labour is France enabled them to weave the same article at an expense of from 45 to 541 per cent. less than in England ; but in calculations by an intelligent gentleman (Mr. Doxat) this difference in the cost of manufacture was estimated at from 55 to 60 per cent. If there facts were true (and he was convinced they were) what inadequate protection was afforded to the manufacturer by a duty of 30 pet cent. These were the disadvantages our silk manufactures laboured under when compared with those of France; but when compared with articles brought here already from the East Indies, and from Chins, waiting the opening of the market, their disadvantages appeared greatly multiplied. There was little doubt, tedeed, that the silks of China would completely exclude oar own from the market. At the last sales at the India House 'Attie China silks were sold at from ss. to &a &I. per yard, and de mask wrought silk at from 7e. to Bs., while our Manufactures could not produce similar articles at double that price. Ministeri had hoped that by removing restrictions they might encourage ex portation; but here was a practical proof that this trade could never be extended beyond ourselves. The difference between this country and others, illustrated so forcibly in the cue of China, was such as to make it impossible that our silk manufacturer can ever be Induced to extend his view to an export trade; and he believed the Right lion. Gentleman had never heard of any exponation since the changes he had made. The great object of his desire was a committee to examine minutely the state of the trade, and chiefly on this account, that they could now procure for actual in spection the best specimens of silk manufacture from France, Swit. zerland, and from China. They had formerly rested on the au thority of two American gentlemen, who said that the French manufacture might cost perhaps twenty-five per cent. leas; but they had now a large accumulation of authentic facts to submit to a committee. He would now pass to the dying trade: this branch complained that no. duties had been taken oft' the various articles which they employ ; the duty on foreign soap was enormous, and that on barilia had been increased, in order to gratify some landed proprietors In Scotland, who thought that some ro tection ought to be given to that which they prepared. Now this was a gross injustice, for the principles of free trade were always unjust when not applied equally and universally. The dyers, however, had nothing to complain of except the high prices of al the articles they employed. Neither their skill nor their machinery was surpassed abroad. They had tried foreign work ' men and found them inferior to themselves. They complained in. deed, with the other branches, of high prices, which wait the para. mount evil, and that which prembted the most menacing liflicultigt to the operatives. Having represented the cases of the broad trade and the dyer, he would now describe the situation of the narrow trade or riband weavers. This branch was in the moat diaartwed coorlition ; to tb: compiaititt ofitte rest of the trade they added one peculiar to themselves, arising (corn the inferinrity of thee v m s a t ch 3 l l tt i ca? . . hi l h o i S n w i liae .g ; a la n n a d it t v lie .t wisr s k ; nia ti n ni sk s tts w o h t at an in outt it ce e t ,i f i;n te ,cr ik country cost 21's. would here cost 775. Tit ahe betteved 'o he Ear fectly true with rssptet to the heifer sett ribands, hut the satin ribaud was manufactured in Fiance at a comparatively greater expense. Besides these facts, we had important information mile five to the state of our own manufacture. There were in Alan there ter 9,70 U looms in ibis trade, of which 7,:t00 belonged to the weavers themselves, oral these looms were all of the worst possible destription. But in France the Improved looms mere. capable Of finishing tire times the work with the same labour. Under these eircumitlanceie what chance was them of competition.? sr mho. what chance was there of the trade not being swept totally away, it time were not allowed for the improvement of the machinery. It might be said that this improvement of French machinery was the very circummance which made it advantageous to admit French ma nulactures c but to this it might he replied that in Switelerlatyl there were 10,000 looms, of which 3.000 would he quite sufficient to supply. thiscountry. In I,yons there werel2.6llftlitoms, 2.00110 t which could amply furnish our market. To the velvet manufacture the same observation might be applied. The improved machinery ih Germany could manutacture 48 times EIN much an ours. These facts, with which he was unwilling to detein the House, deserved, he thought, as attentive consideration above stairs. Much too was said of our capital, but he believed there was more actual capital in the towns of Switzerland. The Swiss held no bills, mid sold tor read? money; and with respect to their mock, they had its much on hand at present as would suffice the country for one year. He wished also to call the attention of the Right Hon. Gentleman to the custom of granting patents to persons who had no claim as inventors, but who, having their eyes open, imported models froth abroad, and obtaining patents for them, intercepted the attempts df others to adopt the foreign improvements. Last so great was the panic atoning the manufacturers at present that there was no WW I to expend capital in the improvement of theis machinery. In the town of Coventry most of the manufactuders have machinery suited to their houses, nor can they alter the one without changing the other also ; while under present circonnaninces they have littlo inducement to embark further capital in Omit. business. The narrow arid broad trade then complain of the inadequate protection alibrded them by the reduced duty, which is as little as it can te. • •• . 1 no t be n 4 4 dot lr „ ) takg .nt tt • peuti, 4 e, "rf Het • De odfrjk .' lhadak • Nat 411 **i t PlKet,l rse He did not , .0 A so the R u e d Hot lured thia ro t* , rument in aidi r , the full re m • I roptlons "biro ?, heir applin g k e. Ti turned to onsidered rulated. n.e.4 t one who enutd de and maight. le GlaGtie ol Ithout any nem I wide peinead. it this kingd om nto it from rite the prin p t, a, hod becam e a the trade of the night be fostered the swanned tufactan'es . . yet he they even thi I they ought of prices , alter the tbtf rid industrltus i 4 labourer OG loch er of for e i gn without re. or turea. He knew still wished for a principles of frit his view of the by another line of - >coached through er monepolt, but • d less foal. lie taking care to feet pantality. or . theliking r io Winch it had felt that he tsu had before stated lad been the 0;:b. to this trade is place in soothe ligation less Cart Ided j one er vo night soon be sh't I the Minnuvoa loose, therefore, !triunity of infer. dderation of tide demon bad dote to learn the nue ottneeted with the France and Sim man the fruits of different brar.ehes ts. and the inn. tom competition. inches, viz.: the ince ; the dyer, nesters appeared tachinery, which contemplate in weigh machinery, • were? seemed is formerly trade t appeared, to the but afterwards - --- .•- - , • - ---- - .... -----...... .... owrio6 aLivo es it UMAIIIe a onnl. ~,,,d e had i,, c 7, - t y., n ' ~":1 ` ',7'''„,,,';'' r i 'P: i r l ' u T„." l ,;;;:".!"' ‘"" ribanel was manuhictured in Fiance at a comperatively ertai r 1 l'l ' the:rosette:lw of tie: itenk tHe wo u ld p as s by the Usury an d ehee t e e r Liu. (o ve moti o n s ) which had been advanced in 1193 ter of the t lrown.a4 He would repeat that if that lilinisterei ei , e.s : ie . r Lase . He had, however , heard with dismay that would produce the effect desired. (Hear, hems) If the Bank pee. , judgment remained unconvinced. hit duty was not to take s ' eal ' eman nonce( tne '. erence in t ie . cantos Of istrya ; •fiee to the state of our own menefacture. There were in Alatiehie. 1 . this Beak of IE - Agit:nil was not to adjust he dileMete by the "led the Power 01 lending Matey upon merchandiee, it was, up on the line which ether , pointed our, but to persevere in that very true the causes wcec different, but the . Mistressexpense. Besieleal these facts, we had important information r.• .1- . , vita t 'state of the currency- sad of the exchanges ; belt if 'het were the very facer* the charter, a penniseire power tether than one which hie own retiectione amt emserience had led him to adopt.had. — 7 . 1 - '-...p.A... in ... ca l ._ ..,., fli ght d. lion. and one . hundred ine . rehante, assembled in the city o f Lond on , weavers themselves, Red thine looms were all at' the worst pots 0 th e r, all that hid been done by Partiernent to reStOre which obeht to be encouraged. The Act upon which the Ills Majesty ' s Ministers said distinctly that their npinioh was , were uniformly et opinion that the euvurratences of the country •destription. But in France the improved looms were. expert- te similar ; ter 9,700 looms in ibis trade. of which 7,60 belonged to O . • were precisely similar to these of 1793. 'i ; H e h o d erre i, e ,„ h e wee aware, with more than hi s use,' w ar mth ; gouda ; but it adds, that when money had been advanced upon that power which the Bank of Engletici had to lend money on Mr.CURTEIA thought that as several Hon. Memberson the circumstances. what chance was them of competition? er retler. i he 1,0 4 e k en wjth• lees self.possesmon than was cuetoneery with merchandise. if the latter becomes forfeited., they tray cell merchandire. Mar, hear.) The Honourable Director (Mr. Ministerial side of the House had given their advice that Exche. what chance was there of the trade Pot being swept totally wit it hi m ; mu tat. i n the earnestness of his argument , he had made any it to the hest advantage. He did sot, however, see why the Pearce ) had said that this wail a . niece permissive power. [hit if quer bills shovel) be advereed by Government, he thought it right time were not allowed for the improvement of the machinery. It •• • ,,,i i li d o as ri, tiny muter of importance. Or if there were any de. Bank should et all be appealed to when they had before them that were the nature of the power , wha t was the power which th e and proper that they should be. (laughter.) lie bekged to remind might be said that th is improvement of French machinery was the '; . fr ets I t t h e mamfor ,rt which be had stated his views, he hoped the an expedient which , when formerly tried, had co completely Batik possessed to but gold and silver? ll'hy, in the Act of his Siejesty's Ministers that this *deice came from their torn very clrcume•ance which made it advantageous ni admit Ftelleh "; ifouae would nrit :meths it to any want of romp sathy on his part arswered Overy purpose to which it had been applied, and which li'illiarn and Masy, by which the Bents was incorporated, these' friends, and that the course they themselv e s were pursuing was nufactures; bin to this it might he replied that in Swililer t e , l." 1 ' (en t er s ) t o ihe &rinses which be admitted evail, and to the he had no doubt would operate mere than any other measure what. privets acre en:tete:l In the very sam e clime', without any division, that recommended by Gentlemeu on his (die Opposition) side of there were 10,000 looms, of which 3.000 would he quite suMeten' n i %time ly of white] he wee aow to direct the beat powers of his ever in immediately restoring confidence to the mercantile trainee- and the words merely separate,: by a comme ; and lie detled aey th e House. It was a dangerous precedent for et ink s t 1 • mead (cheer.), aided Ad aniseed by the talent* of those by whom lions of the country. (Hear, hear.) If the flank were to advance any man to show how one po we r was m ore permissive, or, on the in following the advice of those who were not of their friends, tut could amply furnish our market. To the velvet manufacture the CIA to adopt. supply this country. In Lyons there were 12.6110100m5,2.0000t whet' • he wri e e ti rre•ineed, and *ho were equally anxious for the attain. the stain required, he was certain that it would never produce the other hand, more imperative thee th e ot h er . Tne Act hail a par. who were their general opponents. same observation might be applied. The impneved machinery ill rGamOt of itre t ime object. Hear, hear, hear.) Ile h that he effect dint would Melt from its being advanced by theGoverament. detail' clause, thelarator th e t Bet on ; therein centairied ehould be The p etition was then brcu ht up, read , and ( ( T ed y• g r g 1,4 wished theffon. Member for the City (Mr. T. K :! von), and Mr. BRIOHT said that the merchants seemed to be tally construed to Prevent the Bank fro m pu r ch a sing gold anti silver, or the tab C . with which be was unwilling to detein the House, deserved, he t 3 lie on lerm n mild manutecitire 4% tio:es as much as ours. These !acts, • w Alen move that a Special Committee be eppuititod to in sides t i l tU c ti l i t e sem e te h„,i d r oved to the House tin itripolley of adopting the pro. permaded that the measure of 1793, if again iterated tit, *fluid from advancing money on goods which should really, ard bona fide SIT. T. II'II,SON pave nntice that heeheuid on T d • i peditan wi-dis had been made. (The Right lion. Gentleman then fully answer the purpose of relieving trite dishes.. Bet yet there be left foe security. Now, he defied any (Sentient:et to she I ' TRA DE. of cur relined, but lie believed there was more actual capital in the sat down ,r-ielt continued Cheering from aU parts of the House.) seemed to be ig question whether some new ph i , w h ic h h a d how the power to buy gold and silver 1111)A imperative, if to lend dietrestes of the conitit Trial part of • - thought, an attentive consideration :arose stairs. llluch too was said towns of Switzerland. The Swiss held no bills, end sold tor ready eo te community. ii i l Mr. T. le'flAteN explained. reeves been proved should not be adopted. lie would take that money on itieale were perrais,ire. lie would ask. whether the one Mt. BA RING then roe.; butt *wing to the noise in the Route olnrovittaity of matieg to the House a passage from the' Repott was not illipoted arenuch ' t hey, o r it they ric3.:elf, the one was left oret • ~ band at present as would suffice the country for one year. Ile toot the low Mimed wain le M l'Ll IC pre s ented Til}l 81" i t titan tom the mnney; and with respect to their prod :, they had us touch on which he spoke, it was some minutes of the Commissiovers who had been appoimrt in 1793. in order as much in the discretion of th e B an k a s the other ? Undoubtedly, a t - 1 ,4 -- .' 111 2 1 t ~l a s' a t - • i • rn j°tlrnerrnew Oh - weaned al s o to call the attention of the Right lion. Gentleman to 4 it; ' h.fote wteould hear him distinctly. He amid assure the R ig ht to thus the erect which had been _produced a' that period by die Honourable Directots were at liberty to say whether they would dyers 1, , mat flu law f c or " t ' h a e ern sc,ortoaltlieonwolt!'f the 'l,..inn.h:rbui u7h l : s u i t ! it:s7n7lturry‘ the custom of grenting patents to penome who had no claim as iforiouradde itlextlernal3 (the ChantrHol' of the Exchequer) that It tile issue of Exchequer sills. The effect nail illint'diate, the din- act mom this power or not ; an d th e y e a d u eedidingly said that they I ,g' " w P A Xt. verby no means naCerary for hint to declare t h at t h e extent o f th e trees sets alleviated, aud that with a profit to the Treasury, atter would not. But Ire thought it a little herd. that when his Metes. ' abroad, and obtaining patents for diem, inten•epted the attempts et .notioe or a motion this night was one deo e.: preeent alniost etch'. inventors, but who, having their eyes open, imported models froth . e. l p reertit rest mo d olimmg distresses of the country had prroluced defraying all expens Were ?hey not at that moment in 'set of ty's lilinisters only claim e d t h e p rime privilege of determining inc Mr. EfArICE said , Out es the subject on which lie had given ot h er , to ,do pt the foreign improvements. But so great was the an hit. breast rbestroogest feeling. of sympathy for the auffreers. snme such measure ra nd had they not it ready drawn up to their thettoselees that these very panic among the manufacturers at present Unit there was no wish t t He firmly believeal that the Right Bon. G e ntl e man did feel strongly hand in the very measure to which he Wlla alluding? No man )13d had no right to do so. That great cAporation had declared that • Directors btu:oa: say the Ministers sively engaged the public mind, he hoped the Honourable Gentle- to e xpend capital in the improvement of theie machinery. In the upon the subject, but min ne must say that the whole of his speech ever read in the pages of history of such a state of distress they would net—stat Fro eatione roloPere ; "we hate considered Tan (Mr. Hume) would not insist upon the precedence of his me. town of Coventry most of the manufacturiers have machinery 1 : brougot the cha tt ese c o nvecti o n to hi s (Mr. Baring's) mind that he as this country at present exhibited, and the measure, if adopted, of it, and we wql net." Now, his Majes's Ministers had con. was not sensible of the depths of the mischief likely to accrue from could therefore afford no precedent for its repetition upon a future sidered the proposition made to them. sod t h ey did not feel it their aight- Oen respecting the Mutiny at Barrackpour, which stood for this su it e d to their houses, nor can they alter the one without changl the other also ; while under present cireirmsninces they have Ott ', thevefuerel of hie Majesty's Ministers to accede to the measure. occasion. The Right lion. Gentleman had disclaimed the cocoa. duty to peopose it to Parliament far Merritt . But if the feelings Mr. h e said that when lie gave notice of his motion he inducement to embark further capital in their business. The fifes% hear.) h i e Seeped therefore that the House would not be ragernern of speculation, b u t he h a d forgotten all the speech es of tour or five °codeine!, should be able to induce the House to hoped the information from his 111 sters would have riarrow and broad trade then complain of the itradeq . uate protectit • it I can owned away by the evident good faith which characterised every which he had uttered relative to the prosperay of the country, which sanction such a cosine, his Majesty ' s /Ministers mast, of course, beta afforded without opposition ; sod be now asked the Right atlinded theus by the reduced duty, which is as httie as it • i ,a _ . • • , . . • 4 . • . .. , , •-••" • • • - • . -• t . _ 1