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

g pp t , it Dews might. ( Hehr, hear.) He must protest. upon every n ee*, both of foreign policy and of domestic, against that clause I : me parties were said mutually to have bound themselves IOU , a oye up,,ose to the other. all persons belonging to their mimic. - , 1 4 - eesttie s, who should be accused, not only of murder. forgery, er bankrUptCy (to which cases only such stipulations have hitherto wa d e d). but all those who should be accused of high treason ; m u warn to say, for whatever political offence one or the other of the should please to denominate high treason even though the onercannetus invention of that species of offence should be exec. se.. uSS was done in the time of Henry VIII. The dawns did not ° ohne its operation to those persons over whom the Government bud any control, but, whatever the offence might he, it extended to stable eitbes Government to put such a construction upon the acts of individuals as to bring them within the operation of Sh. 4 stipulation. Nothing could be more preposterous or ob.*. parable than this, particularly as it would bind them to keep up t am worst of all systems that was embraced by the Alien Bill. He therefore exceedingly rejoiced, that from what he could gather. cxpcctatiois were. that this portion of the treaty, at least, had not and most probably would not, receive the Sanction of the Goverment. Much had been said with respect to the Bank of England; and without wishing (tor he certainly did not wish) to throw ny to g oo span the Bank, he could not help wishing that an eta was put to that system by which the whole trade of this country, not only in its money concerns, but in its commercial *elude, wee laid under the absolute control and dominion of 24 Fe they a bank, a private company, or whoever they might be; siLd, merely by restricting 'heir issues sad discounts to-day, or by to-morrow enlarging them, and, when it was too late, by stiltricting them again, should be capable of producing such con. ' loam in the property of the nation, u to amount almost to a con vithion of the whole empire. Ile did not any it from any distrust o f their motives; ( hear, hear) but from the distrust which every' maw must aecessart y entertain of their wisdom, their foresight, or he might call it. their power nt prophesy (which he took it to be utterly impossible under their circumstances they should possess) ; that no set of men should have such • power as this without cheek ot tonna, of which they could have none so long as they were alone and hid no other companies to compete with. %'hen there shoed be one or two other companies Mae up and afford this whole. some restraint, then. and not till then, would it be safe that each .an establishment should exist. He thought, by what he might gather from the Speech from the Throne, that it was the intention of his Majesty's Government to propose some alterations of the banking system, and for that reason he should at present abstain • him wing any thing more upon the subject to which he had al lujeti, only fur the purpose of stating it as his opinion, that the preset system was one of the principal causes of the existing dis tress of the country. He wished once more to observe, that in not opposing the Address to the Throne, he desired it to be understood teat he was pursuing only the courtesy that was usual en Ruch an wess.on, and he resereUl - to himself the utmost right of discussion upon any measure that might be brought forward respecting all or any of the topics adverted to in it. Mr. ROBERTSON was of opinion that the present distress of the country had been caused by the commercial part of the empire. The policy that had brought the present calamities on the country 1r As of ten years' duration ; they had been grsduully coming to. words the present crisis, but this was only one step towards the teal ruin of the empire, which would inevitably ensue unless this Mouse stepped forward and used its influence to check it. lie would prove what be had to state, upon the ground laid down by the Right Hoo. the President of the Board of Trade tift:•en rears ago; and also in a statement made by him in 1819. That Right lion. Gentleman. in mentioning the mistaken tuitions that were then abroad. observed that an excess of exports over imports was no proof of the prosperity of the country. s i tar he (Mr. Robert. son) agreed with the Right lion. Gentleman ; but the statement then proceeded:—" that such a circumstance was only • proof of the expenditure of the country; but it did not follow that this ex. tees was not beneficial to the country." Here he (Mr. It.) differed nom the Right lion. Gentleman, for he would show that such an eras of exports was moat injurious. and was the cause of the troubles now brought Upon them. Since the peace there had been a. excess of exposits beyond the imports of 189 millions sterling, and no return had been made to compensate for the Inet thus en dured. The average amount of exports up to 1824 were about Id or 13 millions stetting' but during the last year they amounted to no less than 21 or 25 millions: the question then was, whe t her thi s country was capable to endure a constant absorption of so much wealth. '.'hen Mr. Pitt governed this esantry the carve of ex wet' ware not so great. From the peace with America to the breaking out of the .French war the amount of excels nt expuns over imports was 400.0001. which was accounted for by the support of English armies alnoad ; but not a shilling went out in the way of commerce that was not retomed in some way or the tither. From 17107 us l:hhl the excess of exports beyond imports was dicta et milkers; but the extent of the force which this country had to support 1! I kweign states would fully account for this excess' ; and this cum+ increased during the latter period of the war when a great form was maintained by Government in Spain. During all this erne. therefore, they could perfectly account for the excess ; but when they arrived at a period of peace they beheld a further increase of exports without any . return. Here then they had at since the cause of all the distress in the country. If they would but keep this capital it would give an increased demand for labour proportsonate to the increase of population ; from this root wouhl' spring all the prosperity of the country. If it were asked how this copied could be retained, the answer was, by giving encouragement to the English manufacturer r but this absurd system of free trade first of all admitted manufacture. of other countries into thie; thus press ing slosal our own manufactures. The general argument advanced in ftrour of this system waa.that this country could compete with the nations on the Continent; and that this nation bad it in its power to retain its monopoly. There could not, however, he a more ab eam proposition there could be no competition between this and other countries, for the circumstances relating to England and the Continent were not the same. England was permed down with a load of debt. which would not sutler her manufacturere to compete with those of foreign countries. The labouring people of this cation were at this moment pouter probably than any other people in the world. (Hear The Hon. Member then adverted to the system of joint•stock companies, which he condemned as being fraught with the most dangerous consequences to the country ; and stated that wee the last Session of Parliament a charter had been granted by the Crown to a company, enabling them to tarry on a great system of trade, similar to that of the East India Company, which be coo. rived to be lneonsisttnt with the doctrine of free trade. The object of the company was to encourage the cultivation of silk in England, inland, and the Colonies. Such a complus) , was calculated to ruin an :hose who were already embarked id that trade; and the Hon. Gentleman prognosticated that it would in less than ten or fifteen years involve thousands in ruin. Ile watt really distressed to men. tom the names of the perso. • who appeared to be coneernee in this conpary. This President was the Marquis of Lansdown. Among the Vice-Presidents acre the Earl of Liverpool and Mr. son, and among the directors would be found Henry Brougham, tea: bI.P. (much laughter), Pascoe Grentell, Esq. (laughter) and others. Rae then was a combination from both sides of the House in promoting the most injurious proposition that ever iris' given out. There was semething peculiar in tins with regard to the Presideut of the Board of Trade. It would be remembered that that Right Honourable Gentleman had, in a publication some time ego, ridiculed the attempt on the pant of France to force the growth of cotton In that country, and yet the Right Hon. Gentleman was now encouraging the attempt to raise bad silk in this. This was another gross piece of inconsistency on the part of his Majesty's Government. The folly of this country had in a great measure brought about the evils k now mattered ; therefore he could not arm with that part of the Royal speech which said that the ills of thy country were not within the reach of Parliament. They were within the much of the House, and they had only to encourage the home manorattnese and the agricultural interest, and not to con. Maui that preference to foreign commerce which it wee now the erten TO do. Cho CHANCELLOR of the EXCHEQUER observed, that as he did DOS puke* eommehend the argument which the Hon. Member for °reimposed failr. Robertson) had just delivered, lie really felt himself enure!, at a loss how to reply to it. The speech of the Hon. Gehtieman appeared to contain some propositions of a very startling nature, and if carried into effect would not only lead to as extent which would destroy the foreign commerce of the country, but would annihilate its whole trade and industry also. 'this appesn_e to him to be the natural result of the system which en ec et o .,. Wend'', recommended, because he 4/goad, in the first place, thee great evil arose owing to time excess of exports over im ports, and that now the same consequences were likely to follow from to great an excess of imports. flow these propositions were to he reconciled he could not tell, and he would therefore leave it for the lion. Member himself to explain. Now with regard to the charge of inconsistency. and of the mo is weighty or or which the Hu. Member had made against his Alajesty's3linisters : a charge that bad been so strongly put, that he (the Chancellor of the Ex tthequer) Imo quite suitounded wheu the Hon. Gentleman began to Introduce it, and could not imagine what in the world his Majesty's Min:refs had been : hilt, whot, lo and behold ! it turned out that some gentleman belonging to his Majesty's Ministers, like several other gentlemen, both in and out of the British Pilkhrletr, did not refuse to allow their names to stand .:ss honorary directors to, as it appeared to him, one of time most innoceot speculations that could possibly be entered into. Whether it was likely to succeed, he was not competent to say, tor he bad not any concern in the undertaking. It appeared, how. ever. to him that it would be a very desirable object, if it could be accomplished, and one which would by , no means tend to a monopoly, as the Honourable Member had supposed. Then the Honourable Gentleman proceeded to reflect upon the Right Ho. marshle the President of the Board of Trade, by ascribing to him theelsistency in suffering his name to be used in a speculation of chic nature, thou lh not as a partner, but as an Honorary Member ; and this charge was not founded upon any argument against the Policy of the company itself, but *as sustained by a reference r o 4 "Me remarks which his (the Ctisncellor of the Exchequer's) ni ght Hun. Friend hail made, some fifteen or sixteen years ago,. ' ll 4 Pamphlet which lie had published upon the Dunkin question, in *lnch he reflected on some very absurd act* by the Government c . ) . ! Fran ce . These acts were in forcing individuals to cultivate re growth of wen* erry indifferent cotton, and to plant some tons which were -Se be substituted for coffee, and also to plant iylifferent species of beet -root, in order to produce an interior k l l r of nine. But there happened to be this essential difference Dot "_leel these two cases, that the principle adopted in France was "q 1„ fulsory whereas• the silk company alluded to by the 1114- i !'"hile !Heather tMr. Robertson) had not the least idea to foe. meactioab to raise er cultivate seek. Ile did not believe there "frbteg to he formed In the charter to compel the H 4kl itleman to plant a single mulherry.tree on hie estate. (A !hitt tout which was attempted in Frame and epee Right Honourable Friend had animadvert' ed, was INK finding he had no coloni c ' from widelb-lbn "c 44 litho sugar, cotton, or coffee, absurdly Mk by which. he 'ought to cone:m.l his subjects to cultivate their land. iu the iMsertiole nut's futile attempt to produce those armies ; therefor* there wale not the slightest similarity between the case of the Silk Corupany and that to which his Right Honourable Friend had referred. Ile could My nothing more in answer to the Hon. Gentleman's speech than "this. He would take this opportunity to explain some points oil which the Hon. and Learned Gentleman (Mr. Brougham) entertained doubts nu that most important part of Ina Alejesty's Speech, upon which he had commented. He (the Chancellor of the Exchequer) must ascribe a considerable portion of observation, tench the Hon. and Learned Gentleman had spared in his comments, to a want of information of what th e n ature o f t h e measures m i g h t be which would be proposed to the House. But. at the woe time, he must do justice to the Hon. and Learned Gentleman, and say, that where the subjects were of a nature so important, and were calculated to excite so much feeling in the country, ice consequence of this great extent of distress which had fallen upon at, something was due to the Hon. and Learned Gentle man for the very moderate andi candid way in which he had ex premed himself. But lie did not think that the Hon. and Gentle. man was quite correct in that part of his comments in which he said that the Speech had treated that most important subject an too slight and cursory a manner. Nothing could be more distant from the intentions of his Majesty's Ministers than such I a circumstance. Nothing was more remote from their minds than to treat that state of things which unhappily did exist, and which none could more sincerely regret than - themselves, with a lightness or indifference. lie, for his part, did nut know what materials they should be made of, were they capable of being unconcerned at a state of things which every one must acknowledge did exist, and which all who desired the welfare of their country were pained to witness and anxious to remove. (Hear, hear.) And his 3lajesty's Ministers, indeed, thought that the best proof that they did not look upon these distresses with. out indifference, would be to place that most important topic before all others in the Speech from the Throne, in order to show the people that they did sympathise deeply in their distress. (hear, hear), and not only prove to them that the Government had given the earliest attention to these evils, but also to call upon Parliament to adept the promptest measures by which these calamities might be removed. He was sure It was perfectly impossible for any person who reflected on the pettiest distresses not to have seen thst they had in a great measure arisen, and might again arise, not only in this country. but in all countries, from cireunistancesover which no legislature could have any control. In, all commercialcottu. tries where so much enterprise, so much speculation, and so much industry was encouraged, it was impossible for human laws to con trol the proportion of that tendency which constituted, in fact. the law of all human society. Similar evils were experienced in 1816 and 1817. and ware overcome without any legislative attempt to remove them. The period of extreme depression in 1616 was followed by a very rapid revolution of prosperity, resulting, in fact, out of that extreme depression ; but that was not brought about by any forced causes, but by the very nature of things ; be. Cause, where people had been deprived of that which they onli. wally possessed, they returned to the enjoyment of them with greater avidity, from the very circumstance that they had been for a time withheld from them. In point of tact, all the difficulties in which the country had been involved had arisen from causes which were out of the control of any government or legislature; and lie was very certain that if any person were to attempt to legislate, whether for the encouragement of fotrign commerce, or for the home interests of manufacturers or agriculturist", upon the as sumption that all persons engaged therein would necessarily be provident (hear, hear), lie would be acting upon the most visionary speculation, and would inevitably be disappointed in the end. Wear, hear.) But undoubtedly there were measures which it was • very competent for Parliament or Government its adopt in aid of those whose interests were atrected by these occurreuces, even in. dependent of the question of currency. For, independently of • cur rency, which might exist in the soundest stste,there might be causes to produce similar fluctuations which naturally occurred in a country like this, where the currency was so far of a mixed nature Abet the amount of a paper circulation exceeded very greatly the amount of coin. But it was undoubtedly clear, that where such a currency prevailed. the tendency of this paper was to increase ; and that increase to be without regard to the circumstances which might follow after it ; hut arising out of causes whirl' did not necessarily determine precisely what was its amount. This was particularly true with respect to the currency of country banks notes. Within the last three or four min, he understood an inmate had taken place in the circulation of this description of paper money to a most extraordinary extent. It was very difficult to ascertain with accu. tate precision what the amount of country circulation was, which was, he confeesed, a very great evil (Hear, hear) ; because it left the Bank of England and the Government in comparative obscu. rity, and drove them to other means of forming a criteria by which the excess or deficiency of the circulation might be estimated. But not being able to possess any very precise information on the sub. ject, they bad however the power of coming to an approximation of fact by means of the stamps which were affixed to country bank notes. It wan locality estimated that country bank paper circulated about three years upon an average—mmetimes it wan more, and sometimes less; therefore, if they multiplied the number of stamps by three, the result would give the probable amount of the eircula. Lion. In the year 11120 there appeared to hare been 3,4113.9011. stamped, and in likil 4,438,5434 at which time there was evidently no excess of circulation, because then preparations were making tbr the Bank Restrietion Act, although, he should observe, that at that time there wee a very rapid increase of the general improve- I meet of the trade of the country. But in the year 1825 the amount of country notes had got up from 4,41.8.5481.. which he had stated to be the amount in IS/I. to no less than 8,750.11001. ( Hear, hear.) Now it was impossible to look at tide excessive increase of circula tion without seeing the share it must inevitably have had in pro ducing a rim of prices of all kinds, and which must necessarily have led to the extention of all that speculation which naturally arose from the impulse all men had to make the must of their money. A great deal of difficulty and evil li.• I undoubtedly arisen from the circulation of this banking system : he particularly al. laded to the issuing of one-pound notes. (Hear.) It had already been referred to his Hon. friend (Mr. Green), who had shown by his onservations how well he understood in what degree the public might suffer from this species of currency, which principally got into the bawls of the lower class of persons (hear, hear), anti the moment a country bank broke, thousands and thousands were absolutely deprived of their all. Whatever advantages, therefore, commercial or foreign trade might derive—whatever benefits agri chlottal interests might experience —whatever aid the manufacturer might possess from the extensive issues of this paper-money—lo whatever cid real benefit any body could extract from it, lie would say that the circumstances of consigning to misery so many thou sands outweighed them all, and he would say were out of the way beyond all possible calculation of the g o od that it produced. It was indispensably necessary for Parliament to apply some remedy to the state of affairs to which lie had adverted. On this head, - however, the House would not expect him at the present moment to go into matters of detail. It would, however, be neces tary to proceed with extreme caution in disturbing the currency cf the country. !tut at the same time that the propriety of proceeding with prudence was inculcated it was clear that the circumstances in which we were placed required that something must be done to ameliorate the condition of the country. It was the privilege of Parliament to apply the remedy, anti on its discretion he relied. The measures intended in this respect in the year 1822 could not cure the evils which had been experienced in 182). Ile regretted extremely that such circumstances should have occurred as had been witnessed during the latter period, but in hie opinion, to pre. vent the recurrence of the evils to which he had adverted, was the great object of consideration. Another measure of considerable importaece affected the exclusive privilege which the Bank of Eng land enjoyed. In regard so this matter the House should look to the state of the country ; for thought a single chartered company could arrange all the affairs which the exigencies of the state required to be managed in this de. pertinent, yet it wo.llll be totally Inadequate to accommodate all die wants of such a cotuary as this, presencel of the great commercial intsreourses which she enjoyed. It might answer well as far as the city was concerned, but it was impossible to extend its benefits to all those parts of the kingdom where trade was so va. riously diffused, and required a corresponding a c c ommodation ; therefore country bank, started to meet this necessity. When the Bank of England was established, measures, such as the present circumstances of the country imperatively called for, were not con templated ; but the country now looked for some alterations, which brought the consideration of its charter into view. In fact, the first thing necessary to be done was, to show that the attention of the legislature was directed to the application of an alleviation. This fading had induced his Majesty's Government to make a con.mu niemion to the Bank, fur the purpose of causing it to forego some privileges to which it was entitled by charter. Afterwards a ne gotiation was entered into on this basis, and the Bank expressed its willingness to resign some of the exclusive privileges, on the con. ditio.i that the duration of the charter should be extended to the year 1843 Instead of the year 1833, which was the period originally prescribed for its termination by law. Thus the prolongation of 10 years was to be the equivalent for the advantages which the Bank enjoyed and consented to surrender. This treaty, however, was never carried into effect, as it was deemed impolitic to extend the remainder of the charter to 1843. Since that time the Government found it their duty. from the increased safety of the Bank, end front the state of affair, to resume the negotiation on the former principle. It was, however, distinctly understood that the privi. lege, were not to be extended ; and it was to be stated, to the cre dit of the Bank, that they threw no difficulty in the way of arrange. ment. The Directors had acted in the fairest manner, and afforded every facility which could be expected. It was intended to assimilate the practice of this country to that which prevailed in Ireland. The Bank of Ireland allowed joint-stock companies to establish bank. tug Institutions at the distance of fifty miles from Dublin. The correspondent distance trout London would be sixty-live mile.. and the pnnciple was to be acted un to that extent. It may besaid that the Bank of England has riot felt all the alacrity to forego privi leges which might have been expected. It would, however, appear that 'no fault was to be found with the conduct which had been pursued on their part. He did not think that the Bank would sustain any injury if all the desired privileges had been conceded. Yet it should be considered dist a great deal had been yielded, and dial a most anxious desire to promote the interests of the couetry had been evinced. The directors ought to be allowed to judge of the proper mode in which the interests of the Bonk should be coo ducted ; and however lion. Gentlemen might differ on this pnint, they cannot deny to that establishment praise for the !Wines. with which it has Acted to save the country from the evils which are still endured. It is due to the Bank to state, that it has fully consented tog resign the enjoyment of its exclusive privilege with out insisting on the extension of its charter, as wasforrnerly re. reptired. It war in his contemplation to state a distinct pension. don on this subject on the first opportunity in the course of the Sendai). Ile did not, however, mean to be understood that what he intended to suggest would prove a nostrum or a panacea 7 1 1 1 4 / 4 , - THE. BRIT, PRESS. foe the div•asie. it would he mind:wed merely to prevent the re: ment ;if they had been vendee-tee . It eh 't le cal rturt prudence currence of difficulties sinless to those suffered at present. • Thee,.i they would not have had th e present tlidiculty to flog with, .were two other point; to which he wetter!' to advert. His Majesty's Ile (31r. Crime') did not believe that 5.-c . issuing isseing of-one-pound apiece stated that the. produce of the Revenue in the int ea* has mites had the &tumour effect described. As to the country follyeuotified the expectations entertalacel at th e commencement a . hulks , he was .sati e e e e that they h a d auded much to the it. These words were below what the facts justified, for the moat .1 prosesetity of the country by the assistance they hail afforded, sanguine expectations were answered. There was an exoesmof arid was certain thin it any alteration took place, without auffi- Ghe,o9ol. so that the calculation which be (the Chancellor of the cient time being allowed, great danger was to be apprehended,. Exchequer) mole in reference to proposed reductions was corn. These banks lied lent money to a large extent ; s it did not follow, pletely verified. Rush was the excess notwithstanding the retitle. however, that it was advanced but cm security ; sad the question , non in the duty on wines and other reticles. Had it not been tor was, whether the suddenly..miling in those semen:re would be the alterations in this respect that had been adopted, the difference possible ; for, from what had lately happened, it would appear I in favour of the past 'ear would have been much greater. In there wan considerable difficulty in turning parchment into gold.. regard to the other topics, he felt gratified at the manner in which If the thing was allowed to go on slowly all would be right, but if the Hon. Gentleman opposite had expensed himself concerning the the contrary was to be the case, then in many instances, from the conduct which had been pursued. He was not afraid to thank the reason he had stated, they [Mein not be enabled to pay In some lion. Gentleman, nor was he dint:titled hem doing tie by the taunts instillers perhaps ten abillinsa in the pound. He (Mr. Cripps) of another lion. Gentleman, who had charged him with here had thought it necessary to say thus much, because no one hail supported by Gentlemen on the oppatite side of the Home. He satd a word in favour of a body of persons who had given great was not unwilling to avail himself of this honest approbation. relief in times of partial distress, anti had added much to the pro. because the proceedings on which it was founded was not the act of Menem of the country. a sect or party.. All persons whose opinions were unbiassed (and Mr. 3IABERLY was willing to give the Bank of England if he was not himself an intinfatehe connected with it he would add. credit fur the energy and resolutioreit had lately ehown, but that all the wisest men) concurred in the policy of the measure. they had erred in lending their money on mortgage. The recent (Hear, hear.) distress had not been occasioned by circumstances occurring in the Mr. ELLICE said that with respect to the Bank of Scotland commercial world alone, but from the conduct of his M ajesty's he would caution the House to collect information from the United Government in issuing certain promissory rotes in the shape. States of America. where banks had been established in every of Exchequer Bills, no less a sum than 303000.00 UL of Exchequer town, and the greatest facility was experienced in obtaining din. bills being in the market, and if the Bank had not gone into the counts. But when a run took place the banks broke, and the mi. Exchequer bill market, the distress would have been ten times more sexy endured throughout tile country was severe in proportion to then it had been. The dividends, but for this measure on the yart the facility which had previously bees afforded. He did not oppose of the Bank, due in October and January could not have been the principle of the measure, but he thought that great caution Paid, and he challenged the Right Hon. Gentleman (Mr. Canning) should be exercised when te was intended to increase the paper to say, hut that the recovery of credit was due to the Bank of Eng. circulation. In Lancashire the bask. were well conducted, lend. Indeed, it was impossible to speak ton highly of theme they and the best results succeeded. He hoped that if charter-banks be had averted the evil brought upon the country by his Majesty's considered valuable, they will be so regulated an to cause no injury. Ministers, who having brought the course of exchange against The difference between the market and the mint price of gold was England, the Bank came in and accommodated them by taking not, in his opinion, the test of value which had been alleged. There Exchequer bills : had they not done so the dividend; Could not have was a serious omission in the Speech of his Majesty, of which he been paid, the Government would have been in the situation of the wished to take notice. While he allowed the propene! of the prin. country banks, and a national bankruptcy would have been the ciple of free trade, he thought in consistency that it should be ap. consequence, lie (Mr. Alaberly) had no tight to call on the Hon, plied to the Corn Laws. This wee a question with whisk the Gentleman opposite, (31r.Peame) he had no right to appeal to bins House ought to grapple. It was strange when the principle wa s as a Bank Director; but he trusted that if he did speak on this I considered applicable to all trades, that the only one which was subject he would speak out plainly anti fearlessly, and hoped be excepted from it was that which, as regarding she support of life, would say something as to the circumstance of putting the country ought to be considered the fist to come uedee its influence. It banks out of the market. seems as if Ministers were afraid of trying its applicaticn in this Mr. PEARSE next addressed the House. but in so low a tone particular, for it appeared to him that whatever argument could be as scarcely to be audible in the gallery. lie was understood to @deuced in favour of the application of this principle to the article say, that the Ism difficulties arose front the conduct of the country of silk would operate equally in regard to corn. Aft materials banks. That the money lent on mortgage by the Bank of England should be procured ns cheap in this as in any other country. • But , took place at a time of great agricultural distress ; only 1,2(10,0001. • though the Right Hon. Gentleman had promised thatthese matters had been advanced on that head at the period in question. No should be taken into consideration, the people were still calling out further advance had taken place, nor WWI it intended such should few cheap bread, be the case, and four per cent. only was charged on those Nemec- Mr. HUME considered that the Speech was very little satisfac. tintlL The Hon. Member for Knareeborough had some general tory.. He did not think that the Right Hon. Gentleman had been objection as to the power of assistance with which the Bank successful in carrying the consideration of the house back to former was vested, but the House wools! have in its recollection the able periods. Without meaning to approve or condemn the plan which report of Mr. Homer in respect to those power.. lie (Mr.Pesnie) was in contemplation, he thought that hi; Majesty's Ministers has been forty years a Director of the Bank, and never during that I acted the part of incendiaries who first set fire to a house and at'. period hut known them actuated by improper motives, always cote. terwards assist to extinguish the fame.. lie wished it were p os . ceiving that their own interests would be best served by supporting sable to trace the proceedings of the Bank of England to the year the general welfare of tho country. (Hear.) The Hon. Gentleman 17i1. the experience would then prove the truth of the similitude. compleined of the tone in which the Chancellor of the Exchequer He did not approve of the condition which shut out from the ope. hatl spoken of the voluntary concession made by the Hank of its ration of the proposed measure time circumference of fisemiles round privileges, with relation to the institution of quint-stock banking the metropolis, in which district the necessity existed as much as companies. 'in those places beyond that distance. It &comet require any great Mr. Secretary CANNING then rose and goldenrod the Speaker. prescience to tell that the present expedient would not answer the to the following effect •.—Although, Sir, lam not desirous of pro. purpose. He had formerly proposed that there should be a regular riddence of all the evils incidental to this subject; but did his Ala. meeting the debate which has unexpectedly arisen, yet there are jetty's Speech hold out any hopes of such a nature? Let the House some misconceptions regarding the topics of my Right lion. look to the expenditure of the year 1e93. and though the country Friend's speech which I wish to set right ; and in order that I may has been at peace for the last ten years, yet the ircumbrancee are do so, lam anxious to state my understanding of the observatims groom than at that period. Instead of paying lour millions and a half, as at that time, the country was now incunibered with a sum he addressed to the Mouse. I refer particularly to the speech Of of from nine to ten millions, with every prospect of increase. ark. the Hon.:Member for Midhurst (Mr. John Smith), and that which ing from the notional debt. The whole evil was to be traced to the was delivered by the Hon. Gentleman (Mr. Pelage) who spoke extravagance with which the public money was dissipated. " Eany i • wire as:. In the latter particularly there ere sentiments imputed to come, easy go." It was incredible how readily the nation is gulled by every statement that is submitted to it. 01 . that deerription was my Right Hon. Friend which I should have thought it impossible lie the Report of the Committee of Finance in 1317. This entintry could have been supposed capable of entertaining. The lion. Gen. should not enter into competition with the despots of the Continent tleinan (Mr. J. Smith) opposite seems to apprehend that a plan is in in the keeping up otesuch large establishments. TM* was a great cause of the distress which has been experienced in England. I n agitation to erect joint.stock banking companies, which will swat. the year Rile, the taxes were 62,303,0001. ; in 1818, 63,200,000 e, low tip all the existing establishments. Now the proposition of my and so on progressively to the last year after ten yearn of peace. Right Hon. Friend is merely to take off. with the consent of the Time country should look to the example of economy lately given Bunk Directory, a few years sooner than it would otherwise neces. by one of the Germanic states, otherwise the nation would be lon by expending so many millions in imitating the frippery of LouieN I% . sarily expire, the prohibition which, by the common consent While the people are starving hie Majesty's guards are attuned of all who have spoken this erenirg, renders weakness, instead of with gold lace; but the Right lion. Gentleman has cumbers to strength, the inherent quality of all country banks. It requires no back him in his proceedings, and he will not, therefore, be deterred from proceeding, by the distress which le the result. What reason agency of my Right Honourable Friend to brim; this evil, if then is there to expect amendment ? Scarcely one subject in the it be one, upon us, for the law has already decided that it shalt Speech from the throne ought to be there. Every pretence has take place in 1833, namely, tied after that period there shall been made use of to increase menthol), until it has at last arrived at no longer exist the privilege now possessed by the Bank of Eng its present dreadful state. Inmead of keeping_up large military establishments to bold the people in awe, theTrovemment should I arid, melting it impossible for more than site partners to below to apply itself to make them happy. and should reduce the expendi. a banking establishment ; that privilege necessarily ceasing with sore •to 'berate of 17113, at Mr. lett's time. If proper steps were the expiration of the Bank Charter, of course joint.stock taken this could be effected, and yet the people were overloaded with taxes. Don Government have to keep the Colonies ? Look ‘.__ companies may then be instituted to any extent for the purpose of to Irelend, if that country can be called a colony. There 30.010 umking• But untie! , what circumstances, let me ask, will the evil' troops are wanted to keep the people in coercion, and for the tee. if it must be so termed, come upon us, should the law remain on . orseity of this force Ministers must blame themselves. (Hem) altered ? In the first place, we should observe that the privilege of Ireland is like a camp, from the numerous divisions of troops scat- the Bank of England, by which country banks are prevented from • tared on her surface, yet it waxed not be difficult to make that nation happy. The Celonies in the Wert Indies, from the mtg. spreading themselves on a wider basis, will continue to exis t thananagetnent attending them, are worse than useless, for they till the year 1333. On the other hand, the country banks will tag more money then time starving people of England are able to continue to possess the unlimited power of issuing small afford. But they are thus allowed to draw the resources of this . Maury, in order to provide situations for the minions belonging to notes for precisely the game period. if the termination of some powerful families. If they looked to the East, the prospect the privilege of the Bank of England be fraught with mischief was not improved. In his !Majesty's speech of last year, it was at present, how much greater mischief may not be expected to Mated that the Burmese war was requisite, and that there was ever y result from it, if it be allowed to operate on the unrestrained probability of a successful issue. But that was not the fact. If Wee colntry wouldallow the four or five millions of debt to go on issue of country notes ? My Right Honourable Friend has two manually, as had been done for the last years, It would ulti- objects in view—first to accelerate the period of removing the pro mutely find itself liable for the payment. Ills Majesty's Speech states hibition which entails weakness on the country banki; and second. that continued success attended the British, arms there; but without ly. by limiting the issues, to make the new power operate with less meaning to disparage the army, for ohne bravery no person felt a higher opinion thee - himself; he could not perceive that this was suddenness and greater security. Whether the consequence of with. the case. Wherever the British troops have hail an opportunity, drawing this privilege will be to create entirely new banks, or whether they always proved their yenta,. At present, however, the praise it will cause the ancient respectable establishments to widen dm eir is negative, for they are left to forieh lit an unwholesome country, , which the natives have laid was t e . Th e y cann ot li g ht aga i ns t enc. foundations '(leat), I know not. T lie Hon. Gentleman (Mr. J. mica who are not to be seen. Bat the Ministers are to be blamed Sinith)assumee, without any reason I think, that the new institutions. who sent out an incompetent person to preside, against the wish of will altogether supersede those now in existence. I cannot conceive every man of sense. The Court of Directors have no confidence in ' whv when the power shall be given, it shied.] not operate in what bad Amherst. What excuse , then, have his Mnjesty's Ministers • for keeping him in India ? Those who support Lord Amherst in the appears to me to be the Petered mode, by adding a seventh or business are highly responsible. Between the Board of Directors eighth, or perhaps tenth partner. to the existing esteblishments, and the Board of Control the matter was likely to produce most in. This seeme to me more likely than it should lead to the iaStitUtiOn jurious effects. The lion. Gentleman, in conclusion. called upon his Majesty's Ministers to reduce the public establishments—tit reduce of a new set of corporations to rival and extinguish those that we , emotion—a 'eduction of ten millions of taxes might eatilly he made, already possess. Surety every miming establishment will be able aid he was sure that were it made time Government would be carried by an accession of strength or consolidation of interests, to prevent on better, anti with more advfmtege to the public than now was the ease. The Sinking Fund also should be abolished—it was a mere the evils which are, as it appears to me, so groundlessly appre blind—it had beets formed for the purpose of redeeming taxation, heeded. At to my Right Hon. Friend being disposeiliao press any bat in point of fact hart had quite the contrary effect. itienure hastily Upon 'the house, anti take it unawares, nothing fell Mr. TIIO3IAS lr ILSON next addressee the !louse, but from from him that could fairly be construed to indicate soy such in. oho mem that prevailed we could not distincly hear the Honour.- able Gentleman, we understood him to object to the extension of temion. If he diet not dwell on the details of his plan with all the the laws regulating the silk trade. which he describes( as (littering minuteness that was expected, it was because time subject has been from ash others to which such principle might be applied, and con- so often before Parliament, or at least so long before the public, Matted by observing that essential relief tim all climes" meld not be that it Was only necessary to refer to it generally to bring' it to the given unless some alteration was made in the Corn Laws. Air. J. S3IITII said that the Right lion. Gentleman opposite mines of lionowrable Gentlemen who are acqueinted witle it. An. (Mr. Canning) was fully aware of the panic and aiarm which had other consideration I may mention is, that if kris be an evil it is one existed, and if the causes that led to them were not now fully ex- which time Bank of England may new create any day in the week, amined, the statement of the Right lion. Secretary, he feared, fur that body has the was calculated to extend it. lie (Mr. Smith) would take upon him .sl power of creating branch banks. If, then , It be necessary to establish a more solid system of banking, time altett. to prove that the issuing of one.pound notes had the effect in [ many instances of depriving the artisan and labourer of their fair native is either that the Bank of England shall establish branches remuneration, and created mi se ry whi c h cou ld not b e known but in the country, or that Parliament shall give means and opportu. by those residing in the districts in which they were circulated. . t nay to others to establish bank; for themselves. If these measure+ He much feared that these Government institutions, these joint. mock companies, would have the effect of destroying the credit of be necessarily ruinous to the existing establishments, which I deny, many country banks, and of diminishing that of others, and that that ruin is equally inevitable whether the Bank of England be the the silence of the Right Hon. Gentleman as to the time at which agent of the new institutions, or we take advantage of the dispose. these companies were to commence their operations, whether in tion of the Bank to withdraw its exclusive privilege, and permit one, two, or three menthe, would have the effect of creating the rental alarm, and he feared producloa return of that panic, from new establishments to rice, and, en we are told, absorb those that the effect of which the country wan but now recovering. lie (Mr. already exist. If the Bank of England establish branch banks, Smith) considered that the institution of these joint-stock cram. the ponies would be against honour and principle. The Right Hon. probability of a dangeroug collision would not perhaps be much di. Gentleman must be aware how much they might operate to th e minished ; but there are objections to that course which are Cana Injury of many respectable establishments that had gone on ter liar to almost every Member of the House. In this situation More than one hundred years. The Hon. Member then stated hie 11109 t decided objection to the issuing of one-pound notes, and we have our choice to adopt one of three thing.: either the Bank , metered the House that his own interests should never induce him of En g land must exercise the . privilege it has of establishing I to support any measure which should have 10 r its object the bring. branch banks, which would be equally fatal, if competition, con ing them into circulation. lie begged to draw the attention of this fidence, and. capital, can be so to the existing eetublishments ; fact to the notice of the Right Honours le Gentleman, .vie. that the issuing of one-pound notes would have the effect of o r • • driving (as had been the case in Scotland, every piece of gold out , blish. mi ri g ht Hon. Friend's elan must be adopted to tikeadvantaest of the voluntary surrender of the open ground for new este of the kingdom. He hoped the !tight Hen. Gentleman would meets, which would be neither so fortnidebls as rivals as the distinctly state when the formation of these banks ; was to take branches of the Bank of England would be, nee. possess that us. place, and that they would not be allowed to enter into corn. l ily of repulsion which would belong to them ; or, thinlly, w. petition with the existing establishments without sufficient no tice. There was one subject in his Majesty's Speech to which must remain as we are. having a clear view of all the mischief that he would take the liberty of alluding, which 'wee that which results from our present insecure and insufficient system of bank. related to the measures rug) ested lest Session for the M i . the last ought not to be resorted ing. Besides these, we have no alternative, and the House, I are the condition el Ireland. The Hon. Geatimnan said -that a more excellent Committee than that which mi last year and the year before, had never been funned, to eitamine i n to to. Of the two remaining choices, it seems perfectly clear that the sure, will unanimously agree s that ,e,,,,,..,,,the' sate thi s Ireland,,,, and a . he , h° e P ed ese l e hat r thei ,!,_ se ht b ° u",w e ehld he latter plan for incorporating new partners in the old emu would bp Session ' 11 "'" - '''-'' e ' "'the"' wo uld tint be likely to pr ove most effectual, while it would offer the least shuck,. mead to the bettom. The Right Hon. Gentlemaa the *ere- • J. Ireland, but he knew nothing of the chartered school., Le impossible to discuss this subject without adverting to the praises, they of State for the Home Department had beer a met While the exi s t in g estehlighteente, and save them most completel y . It 4 mimed have no opportunity of ketosis,: ' the barbarity and in. justly, and I was glad to observe, not niggardly bestowed on the pence which the Report brought to hem and whieb A was eesilele to get as but by a l' , 4lmoonfttwe of the Heine. theconduct of the Bank of England. But nothing, I think, has l e, saidence was extremely logy, acrd the Ihmort extremely short : and Hated more honour on that Corporation than the grace with which Of,Mr. Smith) was theretore anxious for •ilto remppolatment t h e y have consented to strip themselves of thin part of their priri. this Committee, in order chat they might state something more, as well as penmen in their inquiry. leges. (Hear, hear.) It is idle to say that this privilege is odious, , . Air. CRIPPS awned the House that, in mows ta country or that it is a monopoly. It in an inherent privilege, of which by .biltket theta had been, to his knowledge, great mismanage. o law they are in complete possession, and froth *hints not thy 'oax nipotenac of'Panliatnent can view of human nature, end' 11. possession, Oat with ingfarence the voluntary surrender of woe/twilit. which, eves: aeamtere ornanten% they wottld naturally be not reedit/ dis posed- te pert with, seppoting if did not possess solid utilitt, It is thee dccurrence, and deserves PO etch:Are panegyric. Hears tele tlicy may keep it, if they please, beesuse they Wee II ; the law. has given it to them, and no man can extort Sr from them. Thee may keep it, in order to make a bargain with the public for some other consideration. They easy keep it, in order to prevent the rivalry expected from country banks in that part of England of which the circulation is now in their ex clusive Possession. They may keep it without as-igniug any rea l/0 at all. It is clear they have yielded it to some pnblie town ; if unwillingly. so much more laudable the act ; if willingly, they have shown that the iaterest of the public is their first object, and afterward, their own interests, as involved with it. • For whatever reason, it is certain that they have now contented patrioticaliy to grant 'Ott at a former reeled they tinbfalcably refiteed. They have yielded, and having date so, advantage is intended to be taken oftoe concession by my Right kissable . not ungenerously or unkindly, or in the spirit of tri. u r re rien ph d srit spoliation over the Bank of England, as the Rig* Ho tsourable (Slr. Pearse) seemed t. suppcse. (No. no. (rota Mr' Parse.) I really understood the Honourable Gentleman to repre sent my Right Honourable Friend as having spoken of potting an end to the privilege of the Bank in an unOind way. On the con trary the utmost justice has been done by every body to the manne r in which the Bank of England has conducted this discussion, as well as to the decision to which that discutsion has led. An Honour able Gentleman (Mr. Robertson) who spoke early in the debate, among the variety of renutrOs be made, gave utterance to one which .1 should be sorry to pass by wholly unanswered. Ile thinks that Ministers are greatly culpable ear no: discouraging that wild *pith Of speculation which has so much contributed to .preesew the present crisis of distress. lie supposes that the Alinistets are wanting to their duty, because, when the schemes of lost reit , were brought forward in Pat i anent, they did not attend in their places and give a vigorous and detailed opposition to every one of fhert. It is; In my opinion, a conver.ient anti seemly reason that those who attend to the public business should abstain from taking any part In the discussion and consideration of private tocasures. Such has been the rule I have adopted for myself. I never gave a vote is any private bill, and I have found it the safer and more advi. sabierule. If, on any one occasion, I hid reconciled it td my sense of duty to do otherwise, that instance might have grown into a practice, and would have given rise to suspicions ocjust and unfounded, yet not more so than the charge which 1 am refuting. But there was no neglect on the part of his Majesty's Ministers in giving timely waming to those who embirked in these cite:prises, that under no circumstances could they look to the Keeg's Government for tenet: At an early period of the late hoer In the public mind, the parties concerned dial notice given to them that if they got into difficulties by their extravagant speculations no aid could be administered to them. I may historically allude to what passed in 'heather House of Parliament, where—not Is flying a vote for or against any particular measure, but as head of the Demeter, my Noble Friend (the Earl of Liverpool) speaking as the organ of that department of the State and of the whole Govern mint, early in the month of Illarch, r.et fire weeks after the com mencement of the Session, and before ore Bill of this nature bad period—expressly, sod in the clearest and strongest terms, warned Aimee who were running wildly into these speculation., that though It was the essence of this free country that no legislative let should be imposed on the current of individual industry or speculation, they were entering into undertakings entirely on their own responsibility and risk, and that it was the fixed determination of Government not to give any I'atliamentary aid to relieve them from any difficulties Into which they might be picoged by their adventures. As far as the voice of Government was heard, it was undoubtedly heard intel ligibly though the cottntry, and the more clearly and intelligibly because the declaration did not grow out of the opposition to any particular measure, but was fastened as it were accidentally oh some in which Government took no part, and given out fully' foe general information, and not treasured up for such a crisis be the present, which it was intended to prevent. Unforttutately, that warning was disregarded and difficulties hove arises, but it Is hard that Government should be charged with riot hewing given duo warning to those who are now suffering from their impepdence. We were well aware that this topic is that on which men's mitt& arc most intent, and that in the tirst instance it would fix and ocia2py the attention of Parliament. There has been, I contend, no ele liciency in indicating the feelings of Government - with regard to it. If the part of the Speech relative to this subject be measured eve: by proportion, it will be found to occupy by far the greatett part of it. The rest is thrown into the shade by mcnnor.. ing this first at the outset, and afterwards at the conciusior. It was felt that all men would desire to see how it was treated, and it appeared to us the most manly and proper cours. to treat it as the most important and urgent topic that Par. hutment can have under its consideration. (Hear, hear.) It were to venture further at this moment, I should be carried into a wide field of debate. The Hon. Gentleman (Mr. Hume) on I:' opposite benches lad in his observations left untouched no too. that had ever been discussed during the late war or the present. pence. (A laugh.) Mr. HUME intimated across the House that he had not referred at all to the late war. Mr. CANNING continued. Well then, Sir, if the lion. Geeo tleman has omitted any topics, he has the advantage of being able to recur to them when opportunity serves ; and as I have no doubt he will find occasions tunable for their introduction, he can reserve them till the happy time arrives. (A laugh.) I hope he will not conside? ii disrespectful if for this reason I pass over the rest Met speech without remark. 1 cannot however avoid noticing the pee culiar style in which the Hon. Gentleman criticised the . ICitigns Speech of this and the preceding year. Ile said of the alpeech of 'sat year that it was contrary to truth ; that of this year he de scribed as inconsistent with tict. (A laugh.) I confers Ido r.ot understand the Mee distinction between these propositions, bet perhaps the knowledge of logic he has acquired in the diatinguithett University of which he is Lord Rector may have enabled him to draw a line of discrimination. (A. laugh.) I certainly do noosee the ditierenOe Myself, bat in his own way I may retort the moo sigma upon him. For example, the lion. Gentleman saysohat since the peace there has been no reduction of taxation. That aster. tion, I would sal, is contrary to truth. There has been a redtc- Oen of twenty-seven millions. (Hear, hear.) But he say's tin.: though since the peace there has been no reduction cf taxation. during the last five years the reduction has been still less than the preceding five year'', that is to my, lees than nothing. ( Laughter. Now dint assertion, I would certainly sa) . , is inconsistent with feet. (Much laughter.) I take these passages an, spiel! - mens of the Honourable Gentleman's speech, and only ad. vert to them now briefly, as they will probably fay Iht. ground for moo , future debates, daring which I shall have .an opportunity of setting the lion. Gentleman right in his legornenta as I have now in his facts. (A laugh.) There was one quest/ma put by the lion. and Learned Gentleman (Mr. Brougham), to which I must reply. He asked whether a certain treaty betweeti this country and Brazil, which has been published in the . pipets, has co has not been ratitied. I entirely agree with him - as. to the character of rile stipulation to which he referrtd. Th'cr, were however oilier stipulations which it was equally impos sible to adopt. The treaty was negotiated without izstrattiotis„ anti contrary to the views of his Majesty's Notornrnent as to %Pt::: was fit to be done on the occasion, But thpith the treaty v"in, negotiated without instructions, if It had beeirof an itocaceptioto able stature it would have been ratified. 'However. it has not hect .rat;eed ; it will not be ratified. (Hear, heal.) With regard'to antery important question to which allusion has been made, tlo revision of the laws affecting the trade in core, it has been felt, under all the circumstances oe the timee.ibat this "mild not be a convenient Session to have the saaect brought ward by his Majesty'a Government. T he Right ilosioueside Gentleman, we• believe, added another sentence. but bens she lowness of the tone in which he spoke we eould not catch Its purport. • • Mr. CAIAIIi AFT could not cafecide with those who aseriiesi lie Jame calamities to the failure of country batiks. Althoayli 30 of desert o • litight have failed—and hoer could they he secured from tee gemmal convulsion?—yet a large majotity of there remained with eni missile(' Lon don it banks im ßiu bei w is h rd o int it pm ism eto t eg tionn jabi eh n. a ta soa bih ree ty Pu f w ilh itil wri spot eh i e lo loan do; condone ofthek of England. the HoorroreitteM 4 krotaswil_ ling mellow them their eneed of - die 'Wieldier mid libeentev with whisk. egry essmod kit M ra tele bies t rengs.l bitwairoor. *O4 es the false oprineipies petiole Aiwa pm- • to 'thee dm* , WNW - t aisia lso ll 'o=ZlFadossseir b•stirdowe thassiatf bouthowoonklmo ossa***Blisielmormalwerito whidi • tildes% •iw 5.... \ :43 t .:7. Ceq).t. .-- ...;4:t .. ......._ .....-- A 4I 4 ' Pt 1 - - •• ,i 4 : 411i,r: • .. .. , :1 4 ',4 . ;. A , is disturb !tit; and it' ii en unfair the ist,i,r,,:iple of possesbion, to treat , Wlw lo , l l '-a.