The British Press; or, Morning Literary Advertiser. — London, England, 1826-02-14 00:00:00

jgo log into the Corn. . nouns Tether then ad pectatiors nf the country. • wi‘h of the Hon. Gen- Corp:Muse. Ile also passed without delay. (lentternan liven so had oceakoned in the %isteni, when the Il ea ...nista, for introducing At it they had abstained from a„ , would have been censured from the sonic quarter, as they were at present upon &Omit grounds. Perhaps that sadree would have been beet, if all parties were to remain silent on the question. But this could not have: been calculated on. The otnission would have been stomiled; ttiirough the country. The Hon. Gentleman, however, who Irian& for an speedy a termination to tmequilliss the country, has also exe period himself favourable to the delay of a month, and willing to , haler the matter to another Committee. He ( Mr. Grant) was glad to perceive that the objections which bad bete urged alpine the mes tere regarded the time at which It was introduced. Very few had GP: pneed it on its merits. ft. ISMS to be generally agreed that the measure is good and likely to be productive of considerable benefit. lie differed with the Hon. Gent. and thought he wee inconsistent in charging the Government with not having brought on the men. Pure sooner. Ls tendency did not appear to hint to be a reduction of the circulation. In the greatest distress they ought to grapple with the danger. They should scrutinize the cause, and boldly took the evil in the face. ( Hear, hear.) While, however, he ex- peeeed those wishes, he thought the resources of due country were' fully adequate to satisfy fvery demand to which they might be , exposed. He deprecated the system of alternation, for the reunion was (gunny distressing as the circulation had been previously pro. cursive ofa false accommodation, and he wits fully persuaded that smiler roneegitences would follow, if the 11A111, facilities were to he allowed. It was as a guard against the repetition of such will spent. iations as had been catered into last year that the present mes. mum would operate. It will abut up all the opportunities of indulging in tliore extravarant schemes by which the public was delude I. It was a great mistake to suppose that the measure was meant to be an infallble cute fur all the trills which had been introduced. /its Hight Honourable Ftierd did not intend It too that length; neither was it meant to provide against the contingencies which Most occur in the various department, of commerce. His Honour. aWe Friend the .Member for Taunton (Ale Baring) bad entered into • detail of the benefits to be conferred by the introducion of ✓ Aber standard. He thought however that it was a very ch. cations mode of preening gold to get silver in the first Mstrince. ' On ties subject he would not then enlarge, as it was intended to bring forward 110410 measures rem:long this matter on a subsequent amnion, when a better opportunity would oecur. lie did not sup. rase the measure would effectually guard the comer,. (Hear.) would a mixed currency provide against the mischief which it INS contentrlnted 10 counteract. Ile did tint expect that country blankets would he induced to contract their levies by a knowledge of the unfavoureble state of the exchange. It was mammal to prevent them from over-issuing detrimentally to the country. The tcodency of a paper currency is to dissipate a gold circulation. Tire may be some difference in this resdect, but it was desirable in approach as nearly as possible toast appnouniation between them. 'Lire great problem was to proceed so as to arrive at that point which would be a cure of the evil. A preveutive was more likely to effect this than a corrective Act. An lion. Gentlemen had observed that e - ere should be a convertibility of paper into gold. Taut Hon. Gentleman agreed with the BoUion Canimitiec on this point, and he (Mr. Grant) was of the same opinion ; but this specie" oleos. nomy is a new meence, in which new facts and new experiments oc curred every day. Ile thought that those who wished to rely on roe primmest cheek founded on the exchanges were not fully justl lied on eh/it reliance. Thecountry banker ',ammo instinctively would recoil from It. The state of the foreign exchanges would be scrim. I tom for reduction of issues; but this check might in some instances operate hardly. It appeeled to the feeling* and passions, 1 rid In ouch a case many excuses would present them- ' selves to evade its operation. They might think that the unfavourable state of the exchanges would be only tempo. were, or that their stock of gold was sufficient, and under suet suppositions and prejudices they would continue to act. As Hen. Alderman (Thompson) had said that the late state of the country bad been produced by °Teruo lung and oveeissues. He (air. Grant) could draw very little distinction between two causes so simultaneous. They were concurrent envoi/tallest; and there to/eft was of little consequence to which particular cause it attached. In respect to the question of convertibility, it ml glut operate tardily, and could not avert the evil, but in a state of sound currency it Would be avoided. One of the greeted tele arising lento the de. to country banks,--and it was one of peculiar aggravation, —wee, that the p. eau,* in whu.e hands the small notes rested were the bulk of the population; it was nut with them as with the higher eisses, where the inconvenience would be but slightly. or at tease partially felt, but occasioned to then distress, poverty and ruin. The grand object was to prevent a recurrence of the panic by introducing an adequate supply of currency, or if not to prevent at least to abate the violence should it again occur. (Hear. bear.) It was positively necessary to take away the evils and influence rum proving whom acts went to ceche a panic amongst the great built of the consumers of bullion ; the great object was to prevent Cm country train running into extremes. the consequence of which would fall on the lower classes of society. It had been said that tne proposed measure would be an &Thome, interference of the legislature, and which ought not to be; that every person ought to be left at liberty to act her himself. If the question was to he decided by the authority of seaters on the subject.it would be found that Adam Smith had a proposition for restrict ion in pen of the cur. :envy ; he had said that gold should be the medium between the coo. s :mu and dealer, awl paper between the dealer and dealer. This was supported by the BullionCommitiet, of which thclaw \lr.Hnrnet wns Merman, and by which he did himself so mach honour; it had been supported by Mr. Tooke, aid by his Rt. Hon. Friend the Chancellor of me Exchequer, whose presence alone prevented him (Mr. (Inuit) r;4111 expressing mere fully los admiration of the manner in which lie had brought this question forward. In doing away the ten and have shilling• notes in Scotland, could It he said that it was a law against principle, or indeed of sixpenny notes in the same way? and yct it was Orate' on the saute principle me the measure now before the House. It was nut a Mite remarkable that the United ee•atee Bank had found it necessary to restrict the baue of rotes er - aler 61. He (Mr. Grant) was not willing to jurtfy this measure en violation of principle, although Adam Smith justified It on the round that natural liberty ought to be surrendered on that head. Ordt of the elementary conditions of a %wand currency, and which should be taken as its axiom, was its convertibility. Upon these grounds, and for these reasons, he (Mr. Grant) would support the ir4tloo of his Right Hon. Friend. This was a wide question; it wee by products fluctuating that distress obtained importance; corn. unbend credit was weakened, and the only way to meet the danger . . mass to put the currency on •• sound footini• anal real wealth would to.low; while, it discredit were thrown oo the eircolating medium, want of confidence must be real; it was a state of things with which clothe? wealth nor enterprise could struggle, but if supported. pub. tic credit would shoot up, and public confidence be restorer' Meer. hear.) it JOHN NEWPORT was foe some time inaudible in the gallery. As soon as we could hear the Honourable Baronet, se understood him to say that the over-issues of entail notes at all timeseaused evils which could not be palliated, and which unfor tunately affected the lowest classes of the community ; they let them subject to every casual mover of alarm. The neceiedly of the sol vent hanks hissing to an extent to meet the circumstances of the times was apparent, and then he was to be at the mercy of every in dieus promoter of alarm. He 'Sir John Newport) would say that if theeoMinerCe of the country could net he carried on, evils so s erest eaeht to be counteracted. But they could he turnished with. mat artificial MGM It had been said by his lion. Friend (Sir J. lr re.teeley) tb,tt this was not the time for going into this question. It pained him (Sir J. Newport) to differ in opinion with his lion. Frond; but not to du so was impossible when it was remembered what had taken place, and the necessity that was generally felt for immediate interference; it was theretore impossible to conceive any yens so proper as the present. He (Sir J. Newport) hoped that so end would be put to the possibility of similar calamities as moss under which Ireland had laboured, and that no small meet' would be issued except by the Raul: of Ireland. He did not mean to say any thing to the discredit of the Batik of Ireland, and he hoped that the system of small notes would not be allowed to extend themselves there. This was the time to take cure that they were removed—this was the period to remove them from circu lation, when so large a proportion of them had been converted Int. , as ccse, and the object should be, not to allow them to grow up eosin. (Beau. ) ..t1•. Alderman 116YGATE then rote, as he said. with great re. lutuincie, to cdito his observations. Weregret that oar limits will not allow us to feller the llonotirable Member through the whole of Its observations. He (Mr. Heygste) cemplelPed of the elate. leant contained in the letter of kis .Majesty's Ministers, and asked if it could possibly be true that his Majesty's 31;nisters believed ice danger of the country to he past at a time *fun Go. vetnnaeot securities were at a diecourµ of twelve shillings per cca. The Honourable Member then complained of the con. cast of Government in regard to the country bankers, by the w.:hdrawing of small notes and refusing the stamping of others tor the period to which the limitation was to extend, aid ridiculed the writers on the subject of currency, whose opinions he described se good fur nothing, contradicting themselves every two years. If -V misters earned the measure before the House, they would find shortly that theit hltuatious would not be so comfortable as they had been. The Worthy Alderman 'Lid that he did not throw all use blame on hie lilaiesty's Ministers; indeed he had supported them on some occustene t that was when a vote was worth mime o:tog. (Laughter.) Not that by saying a vote was worth some. th'ng that he got any doing by it. (Continued lan 411ter.$ Inlet he mo m,' was, aittsen questions were carried by halt a dozer. voest only. The ‘PorthyAlderman thctrcondemnett the projected system el joint-stock banke, which he described as a system not likely to answer, when it was 'Mown that the shares of the Bank or Ireland, upon which 101. each had two paid, fetched slow only 01. in the market, mid therefore ft wiei not to be supposed likely that pro. • p.e u: capital would embark their property in such speculations. in America, in one province, paper w-s at a discount of from Ili to XV per cent. If then', system was to be put In execution, the Worthy Alderman said tie should like to see it tried hi some of the large cities and towns, such as York, I.tvernmd, &c. Ile then read a letter, *filch be described as coming from a most respect able individual, describing the state of that country to be of the most unfotturiate nature—that vagrancy and rubbery w-re daily in (leasing from the want of employ by the meaufacturing clears a^d this the worthy Alderman described as occurting in n county where country bank notes of small amount dud' trot circolise. lila Worthy Alderman then went on to say that the late calamities bed been attributed to the circulation of small notes; but it sh ou ld bs bores in mnal that it was not likely that they had done all the *awfullea feekiags, he would prefer Allttee with the thew Owing the 11. Ili *on thebti einem iu4 is disappoint the expect Mr. C. ORANT46llltoccterrett in the w deman who just addrees* there, to p into wee desirous that the Risilwolo should be 1 He was however surmise.* hat the Mon. much on the agitation whisk the qumuon hi community. Such conduct appeared inconri Gentleman bed censured his Majtety's Altt the subject Into the King's Speech. But it (Tom any 'Minion to the question, they would ntitchief, when it was rectilineal that at former periods of great calamity in this country in 1714 acid 17147, small notes were not in circulation. and therefore commercial distress hi this country might exist from other cruses than those attributed on this occasion. It was very well, when the country got into a scrape. to lay the blame upon any trumpery thing, or upon any undefended body of persons. (Hear, hear.) Ile was aware that few peptone entertained opinions sunder to his own. (Laughttr, and cries of " Hear.".) ' But he was firmly persuaded that one great cause of the meet distress was the imperfect natdre of the Bill of 1819, which had been introduced by the Right flon. Gentleman opposite (Alr. Pe.:l). It was then said that that Bill was to settle the currency for ever. (Hear. hear.) He had listened with great delight to the speech by which that Bill was ushered into the House—a speech which contained much that had melting at ell to do with the sub ject. (Langhter.) Ha recollected the allusions it contained to the reign of Queen Elizabeth, and the manner in which it held teeth the height example of that time as worthy of imitatem. But not one syllatile did that speech contain of the 800 millions of d e bt which pleveated • recurrence to the situation of the country At that period—not one word about taxation. which was unknown in the time of Queen Elisabeth, as MAN :ANA paper money, with all Its train of Exchequer Bills. &c. of which that gracious Queen had not the most distant idea. This omission was, however, of little consequence ; but there was one argument upon which great sorsa had been laid—it was that the tether nations of Europe had a mild and silver currency. and why should not we ? The reason iris evident—we had spent our !told. France had a gold and silver currency. hot this country had thought proper to go to war in the year 1793, in order to crush a new order of things which was rising up in that country, and to order to carry on that war it was found necessary to suteddise the continental power; of Europe to insure a successful issue to the struggle. The consequence ‘AS, that the gold vanished from the country. France, however, acted upon different principles--the made her friends, and • ottentimes her enemies sustain the cheer burden of her expendi ture, and her soldier, took with diem solid gold into their country, , which they had plundered In' their campaigns. The precaution oil adopting silver as well as gold, as a standard foe the currency, had , been treated with COM tempt, because. he %Impaired, that this country wished to be thatieguithed from all other. by having a better standard—wittandstel of geld only, and five resolutions wee ac. cordiogly passed in thateeloutiee authorising a return a metallic • currency.' , This plan mute however, well adapted to ti peaceable oar ti prapereus state of the canntry, until the present is rushed upon it, and now the question was, as to the cause which originated that panic. in examining the paper issues of the coun try banks, the most imperfect method of, doing so would he by taking the number stamped as the criterion of the number limed, and by putting three years together, thus tanning an estimate of the cireitler • g tneeiuns it would be necessary to supply. Nothing could vary more than the number •of fetes stamped• in different yews by • country banker. If the country was in, a state of adver sity ha grit no stew lefties stamped, but made the old ones answer the porpmes of circulation ; but if, en the contrary, the countrp , enjojed groat prosperity, he immediately got, a large quantity stamped, but the issues at each t me were by •no means in pro. portion to the number stamped. In Scotland it was welt known that (be !mother of .r.ntes stamped bore PO proportion to the num. ' bet in circulation. The Bank of England had increased its paint. circulation, for which he was not (hemmed to blame then, although ' he was of opinion that they did wrong in so doing, foe he would contend that although the exchanges of the country were net regulated, yet they were materially influenced by the quantity of circulating inettiutm. This increase of issues on the part of the Bank was known to the Government, but not to the country banks, and Government,*theretore, was only to blame for not enecknig the evil. The country bankers had no means of judging of dm ex ' tent of the issues of the Batik of England. nor of that of their neighbours ; and, therefore, could emete held responsible for the recent calamity ; even though in many instances unknowingly ac cessory to it. (Hear, hear. hear.) Ne - hether Government remon strated with the Bank, he knew not ; but they made great use of dome items is order to pelt the dead weight. It was acknowledged on all hands, that nothing could be more foolish than renewing the small note Act of 1012, and he wished to ask if it wee feir, after reducing the five per cent. annuities to four per cent., and subse quently to three per cent. to turn round upon the holders now, and repeal that Act seven years before the time of its expiration ? Ile :toured the House that he thought there was some sense in his argument. (Great laughter.) Those bargains never could have been accomplished bat fur the Increased issues of the Bank. 'lite Goverment had burrowed six millions front the Bank, in order to pay the dissentients to the measure, and this formed one portion of the over issue. The reduction of the rite of interest upon Exche quer Bills to 2. per cent. (the lowest rate of interest at which money had been eve borrowed by a Government) had also con tributed to drive the gnltl out of she country ; for those persona who bed been in the habit of holding Exchequer Bills, finding they could turn their money to greater advantage, went into fo. reign loans and speculative schemes of every description. If called upon to particularise any measure which more than another had led to the late CliAlfeSltil, be would reply that the reduction of the interest upon exchequer bills had done so. It might he said that that reduction was a saving to the public, but he would contend that the saving was of minor consequence compared with the sta bility of public and private credit. which was thereby affected. Not only was the over-issue of the Bank of England encouraged by Government, but it also gave encouragement to the over-mete cut banking establishment*, for the Right Honourable Gentleman opposite (the Chancellor of die Exchequer) had asserted on some termer occasion that the property of the country war•solid and endurable. The repeal of the public Act, was a measure which he (Mr. Alderman Heygate) had opposed, and which gave many persons an Inclination to embark in the speculations which were afloat, as It gave a sort of legislative saection to an otherwise ques tionable mode of trading. The Right Hon. Secretary for Foreign Affairs (Mr. Canning) had stated that his Majesty's Ministers had refrained from voting upon say of those projected speculations. lint whet, he &eked, could be said of the new dock where no dock was wanted ? (Hear, hear.) Upon the shares of that dock 20 per rent. hail been paid, and the holders would now give an additional fit. to get rid of them, so tremendous &discount had they fallen to, like oleo other speculations: yet he AAA one or two of :he Aline try vote for that very Bill (Hear.) He would do the Right lion. Secretary the justice to declare that he did not vote, but rose from his seat and quitted the House. (Laughter.) Some of his Majete ty's elinistere were also at the head of plans for promoting the breed of silk-worms in this country. (Laughter.) The newspa. pers every morning displayed the name; of the paironizen of these schemes, which could not fail to give a tone to the public nmind, favourable to speculation. He believed that his 31sjedy's Alinis ter, were all honourable and upright men, but in proportion to their talents, and their influence, and their character, should they have been cautious of giving an erroneous tendency to the disposition of the public. IS'ere he asked if we were to n on for ever under the pre. sent system, he would answer No—but that system ought never to have existed. (Hear, hear.) it must be put an end to. You must have a gold and silver money, or a Bank paper circulation founded upon a solid and secure basis. Allowing, however, the truth of all this in the abstract, still the question of greatest moment was as to the proper time ter effecting a change so desirable. He was prepared to contend that the country was not prepared to go into the subject at that time. It was in no condition to du so. Govern. mint should take care that the country might have some circula tion fur the present, but let them not destroy every person and everything by rashly proceeding where coolness and reflection were indispensable. That House might pass what resolutions it pleased—it might even gore far an to mote to the proposed Bill, but in a few days it might be compelled to retrace its steps, and to find remedies for a state of things such as Government did not even dream of. He did not wish to occupy a longer portion of their time, but under the circumstances he hoped they would not proceed with precipitancy, fur by haste they would do no good, and might do a greet deal of harm. It was a dry practical matter of business, and nut one of theory which he hoped the Government would abandon. This country was full of artificial systems which would be torn to piece by the theories upon which Ministers seemed disposed to proceed. Free trade might be a very fine thing between tountries newly founded, or where there was something like reciprocity; bet this country had nothing in common with others, and that trading which was profitable to the latter must be ruinous to the former. At all events, as had been repeatedly urged, it was necessary to begin with that which constituted the maintenance of the people—the corn trade. He was well aware that what he was about to say would be unpalatable to many, but he was firmly of opinisen that it would not be advisable to alter the Corn laws in the present state of the country. The immediate consequence would be that the poor lands would be thrown out of cultivation, and, as a weasel consequence, a great portion of the tillers of the soil would lilies their employment. He was not to be told that the ultimate cod. I sequence would be beneficial to the country according to the doe. trine of some of our political economists, even though our noble. men were to become labourers, and our squires drapers anal tailors. Instead, however, of listening to wild theories, and endesvouring , to follow in the steps of the poore s t n a ti ons i n Europe, it would be better to adhere to those principle% which haul raised this melon to be the greatest in the world. lle conjueed the Right Hun. Secretary fur Foreign Affairs to exercise the great powers of his mind and that excellence of heart whiclile knew he possessed Meer, hear,) united with his round understanding. Ile entreated him to give aim his attributes fair play, and avert those fearful consequences which the course Ministers were adopting moat la. ' crumbly sooner dr later bring down upon the country. (rho Hon. Member sat down innirist loud cheers.) 31r. Secretary PEEL then rose. He commenced by declaring that, in following the Arguments of the Hon. Gentleman who had just resumed his seat, he would, as fur as possible, adhere to the precepts which that Honourable Meniber had laid down for his guidance, and confine himself, as nearly an he could, to the sub. • ject immediately before the House. lie could not however refrain from remarking on the singularity of the circumstance. that a' speech which he had made in bringing a measure before the con. seleration of that House seven years aop, should be made the sub ject of discussion rather than the measure itself, of which it was I only the precursor. But yet he felt NO ftr dattered by the idea that a speech of his could have made an indelible an inipression on the Hoouurable Geoileman, that he quite forgave him for all his re. mares, and would die niss the subject altogether, without any fur. t ther observations, and without even a single reference to Queen Elizebeth, or to what he had formerly said in allusion to the state 1 of the country during her teem. Haying made these few prefatory . observations, he begged to..ssure the House and the lion. 31embet ! who had just 'Token, that lie load no wish to &quite the ntagni rude of the recent embarrassments of the country. Ile begged to I assure the Hon. Gentleman that he howl .no intention to deny the truth of the retwesematinns which had been NO repeatedly made , I with respect to the commercial dirrtettStN of the coutary. Nu man I could snore deeply estimate those distressed, tow cote 1 any man be I more sensibly alive to die wiesequencet, if not re:level, than he was I ; himself: lle admitted their citent—he beliefed that the country Al.. THE BRITISH PRESS. had not yet seen the r termination--and yet further, he believed that it wax difficult to judge at to where they might eventually terminate. it was therefore that he felt an anxious desire that the House should assent to me measure proposed by his Ht. Hon. Friend (the Chancel lor of the Exchequer. It ass nm then the time to inquire as to what individual might be responsible for sonic part of the distresses which had been so Mien reverted to; for it was absolutely necessary that it should turn its attention to the present state of the currency. ((Hear, hear.) In tact, nothing should prevent the House from pay ing that immediate attention to the tooting upon which the car rency of the country stood, which the importance of the subject so imperiously demanded. (Hear, hear.) He would ask if it wits prudent any longer to permit the circulation of the country to re main in its pre- ent uncertain, unsatisfactory, and precarious shoe tiou ? He would ask the House to lesol; back for a period of thirty years, during which the present system of private banking had been gradually growing upon the country. He was aware of the respect. ability of the persons conducting banking establishments in the kingdom. He was aware of their extreme sensibility, which might. he effected by what had been said, did lie not take the opportunity of declaring that In all that had been said by the projectors and supporters of the measure before the House, the characters of those individuals who are conducting those private banks had never been called in question. The system It was which had been attacked— the ',ltem it was which had been cnridenmed—but the character or respectability of the individuals hail never been impugned. If, in stead of stating, as lie did, that the spirit of speculation had been fostered by die country benkers, he had said that it had been lose tered banks, then should I entirely concur with the Hon.3lember; but if I understood him rightly. the whole course of his speech was directed towards blackening the characters of the country hankers, and not towards attacking the syment upon which they acted. He ( Mr. Secretary Peel) for one had a great respect for those individuals. They were ma honourable men, in his opinion, as any clam of the community ; hut still he claimed for the privilege of discussing freely die system upon which they acted —rat public funetionnt lee its some measure ; but at all events so tar connected with the public as to render it necessary that the sprem upon which they acted should be made the subject of a parlianten discussion. There were at present eight hundred banking-muses is thie country. In Mscietereon's History of Commerce it wan stated, that in 1713 there were dild, and in another part of the same work they were stated as high in number Its 400 ' • but at the present day they west no lees in number than he had bef ore stated, namely, 800. And to these banks was mainly confided the task of issuing parer to supply the circulation of the country. It would nor he diffi:ult for him (Mr. Peel) to hind arguments to prove the imper. (region of the present system, even from the arguments of the op prawn of the measure then under the consideration of the House. One Hon. Member (Mr. Alderman Heygate) had said that a country banker had no means of regulating his buttes according to the enlarged or ctremonteribed state of the circulation of the country, because he had no means of ascertaining the issues of the bank int. niediately in his neighbouthootl, much less those throughout the kingdom, Surely this was decrying the system. That very cir cumstance, he would contend, strongly supported his position that the system wes bad, and required amendment. (Hear, hear.) What had been said by the Honourable, Member for Staf fordshire (Sir John Ne rottesley)? Why—that although he would not impute it .to the country bankers, yet there was always a tendency to the increased issue of notes coincident with the increase of prices, and nice veesa. Now, if lie (31r. Peel) wanted a proof in support of all the arguments advanced by the supporters of the propheed treasure, he had it in teat one admission. Could any proof be snore conclusive than that the issue of country noes Invariably quickened with the state of excitement, and re. hired when that excitement hail abated. It contradicted that beautiful system of pneumatics by which the expansion of one part operates towards the contraction of the other, and the contrac tion again in like manner operating so as to preserve the wattle union. , paired. It was very clear that those very arguments which vindi. cated the characters of the individuals concerned in those establish melts applied most forcibly in cuinlemnation of die system upon which they acted. It was a poor argument to advance in the con. sideration of a question of such magnitude, that a labourer should carry his one pound note to a savings bank. Ought such an an swer, he would ask, be given to a poor men whit lied the mistier. tune to hold a note upon a country bank which bad failed. (Hear, bear.) He wished to confine himself as closely as possible to the %Were, but perhaps it might he worth while to examine what effects the system or country banking had produced in die history of the kingdom. The question before the (louse was not that of providing against the recurrence of speculation, or against any other came in particular, but whether a measure should be adopted for establishing upon a sound basis the circulation of the country. The lion. Member for Taunton (Mr. Baring), to whom he had listened with great attention, had supposed the case of a home on fire, and he (Mr. Peel) could assure him that all could nut escape through the garret ; so neither could the measure of making 'elver a standard of currency remedy the evils which pressed upon the country. Ile did not mean to deny that it was a must important question, and well worthy of the most serious consideration of Parliament ; but it was one which he felt thoroughly con vinced woud never prove s efficient to the extent presumed by those who premeel it on the attention of the House.— He said it not with the slightest view of intimating the least reflec tion on any class of persune, but he was convinced that it would be necessary, if the measure proposed by the Ikon. Member should be admitted, to accompany It with such other measures as would, for the titue to come, place the currency of the country in a condition so as to prevent its being liable to he reviewed front time to time; and it would also be necessary that sonic provisions should be made to prevent a man who cone/acted his obligations in gold from hav ing the opportunity of discharging them in silver. But he was going to view the situation in which this country had been placed at various periods in consequence of the country banks, namely, by the issue of country bank notes to the total abstraction of the metallic currency, and the consequent evils that followed such a course. This eyetem had not been existing for litany years; and yet from time to time had the country experienced every degree of distress by its operation. He could not help thinking that if, in the year 1793, when considerable failures took place, and the state of the curie fey was fearfully agitated—lie could not help thinking that if at that time the system that was pursued in Scotland with such superior advantage had been introduced into this country, the number of banks that had been established since then would have been much less than now existed. An Ilen. Member (Mr. Wilson, had recommended the House to adhere to the prudent maxims of their ancestors, and not to deviate from systems which were founded on experience, for the purpose of embracing new. ' laughed ones, that had nothing but theoretifal reasoning fur their bases. Ile wondered In what part of the history of our ancestors it was that the Hon. Member found the system that vindicated the production of a species of currency by individuals that totally sub ' vent d and destroyed the real and only metallic coin of the country? It appeared to hint that to restore a gold currency. and to put the issues of country bookers tinder such salutary limitations and teetrictions as would prevent the recurrence of the evils that ensued from the present defective system, would in fact be returning to the maxims of our ancestors; for the unlimitei power possessed by country bankers in extending their issues had only existed shire the year 1797. In 1793 what were the failures :mime: the country bankers ? He believed that in that single year not less titan a hundred country betties failed. There were twelve in Yorkshire, seven in Northamptonshire, six in Sussex, four in Somerset. and various in other counties, amounting together to no less than 100 in the whole. In later years the number of Commissions issued against bankers, as far as he could ascertain—for he had not any returns of the number—had not been, it was M.. so great ; but they were mill of a serious magnitude when the consequences of those failures were taken into consideration ; anti it would be seen ' they had almost yearly progressed— In the year 1810 there were issued 28 Commissions. 4 11112 17 1813 18 1814 - 1814 - 26 11118 . . 37 _ _ and lb the hat eventful crisis there had not been less than seventy. six failures of country bankers ; and it was to be observed that the number of commissions which were issued gave but a very imper fect view of the number of failures that actually took place, (hear, hear) for he had ascertained that in the year 1793 there were not more than twenty-five commissions issued, while there were • no lets than one hundred failures ; so that if the same propotthni were to be assumed in ascertaining the number of failures by the number of commissions, they must multiply by four all that had been gazetted for the series of years he had mentioned, which which would present a total of the most alarming nature. Could any system be worse than that which should admit for such a num ber of years such enormous failures ? Hui what had been the case in Scotland during the same period of time? He would an swer this question by referring to the evidence of the Hon. Member for Callington (Mr. Attwoad) who was examiner( before a Com mittee in rue year 11119. Oo that occasion the Hon. Member was asked this question—Within your memory has there been any and what number of failures of Scottish Banks? And what was the Hon. Member's answer? Yes, there has been one failure within my memory ; and is that instance the Bank paid a divi. lend of 14s. its the pound, almost immediately, and during the winding up of the concern, a further dividend of six shilings was • paid to all the creditors. (Hear, hear.) Now; if diming the year 17113 there were no less than 100 failures, and during the subse. quent series of years of 1 1 110, 1811, and so on, dime had been sometimes 37, at others :1i and 2(1 failures of banks in England, while in all that period of time there had been only one single failure of a bank in Scotland, was not that circumstance as strung and as presumptive a pronf as any they could hare that there was something detective its our system, or that the system of Scotland was at least preferable to the one that prevailed in this country ? Now, let the House for one mentent consider what must have been the (mass of distress occasioned by these extensive failures ; he would not nay among mercantile and commercial men, and persons of property, but among the lowest classes of people of this country, who he would contend were the most material sufferers, by the operation of a system which gave to thz country bankers power ex clusively to monopolize the circulation of this country ? He con. seientloualy believed that the influence which this power gave to country hankers over the condition of the socking classes was one of the most serious consequences that flowed from the system, and [het the close connexion that 'this subject had with the payment of wages to the labou r i ng p o p u l a tion, w as a topic of as important a cinsideouion as any belonging to it. (Hear, hear, hear.) , It appeared to him that the end of this system was to produce the most alembic consequences. Exmrience must show that it was productive of the most serious evils, and that for such labouring classes it would be far better that there shoirli he a permanent sy.. tern fronded upon a more solid and aubs!anrial baste. In the time of great mercantile prosperity, when the issues of the country banks were so extensive that wages experienced a considerable ad. ranee, the benefit resulting to the labourer wee of a very doubtful nature, for he believed it wochl be found that the greater propor tion of those who received the very large smite of Its. and 9s.a.day, did not, in point of fact, lay any portion of it by as a proaistion an evil day, but oftener it contriinited to induce bad habits by the men spending two or three days of the wt ek in idleness, timing upon the excess of money they had received. Tide was one of the evils that resulted front the individual authority possessed by the country hankers to increase the quantity of the circulation of the country at their pleasure. How far also this subject was connected with an other branch of Miltony he was not prepared to say, but that It had' an influence over the wages of agricultural labourers he thought could not he denied. Ile must, however, declare, that the very existence of the distress that wait now to be witnessed satisli:il hint that the system of wages to the agricultural labourer stood, in some way or the other, upon an insecure and unsatisfactory basis. What were the causes he would not pretend to explain, but It was ob vious that there must be some defect somewhere, when a man in the litH exercise of his entire strength. could not by possibility save a sufficient sum to support himself and his houtly. Which of the causes was the immediate one he knew not, but he could not hot think that the payment of wages in coin which WAS the standard of the country would in some degree renter!y the evil. He con ceived that the principal sufferings tesulting from the recent failures were among the labouring classes, whose whole property became wrecked by the breaking up of the country banks. Those who were creditors to any batik to a very large amount, could possibly wait the winding up of such a concern. Those who o wed a sums .500/. or 1,0001. could wait without anyi very serf us inconvenience for his dividend ; but what was the situation of bun who was the holder of the smell notes, who was perhaps s creditor for 51. or 2/. ? He would venture to say that such a person 'Odom 4m ever obtained a farthing ; for what with the expenses of proving his debt and going to obtain his dividend, lie seldom had any thing coining to hint ; so that he would venture to say that in tune case:: out of ten the parties who received the most in adequate compensation were just those who were the most distressed. He bud himself, perhaps, had a deeper impression made on his mind than any Hon. Member present, fro n the cir. cunistance of having personally witnessed the distressing ethtets that were occasioned by the failures of country banks, lie be lieved that the history of no country could produce scenes of a more aggravated and appalling description than those which ex isted in the province of Connaught during his residence en Ireland, all of which were the result of the failure of the bankers there ; the crimes and miseries that arose from those distresses were of the most revolting kind. He therefore would say that any measure which gave them a mi ile of getting rid of . this most mperfect roe. vies of crurency might not to be dismissed from that House with out the most serious consideration. But nothing could convince him that that House would dispose of a measure which was calcu lated to remedy so great a mass of evil, and winch would . inevitably place the currency of the realm upon a fou ndation so fixed and lasting, that a similar result of disastrous events could not, lie thought, by possibility occur again. Having thus attempted to show that there was great reason to believe that the system of the currency now in operation was radically defective, and that its tendency, when the country was in an unnatural s ate of y, and speculation was at its height, was to in crease the on the other fiend, to make them, when in a slate of languor, slia more debilitated,—the next question far censidcretion was, whether the measure which had been promised by his Right Honourable Friend (the Chancellor of the Exchequer) was likely . to here the effect cmitemplated by him, to cure the evils that existed, and prevent their ce.urreece for the future P and if so, the third question to be considered was, whether this was the proper time for adopting such a remedy ? For he thought the proper course to be pur sued was, first to consider whether there was any evil existing which ought in be remedied ; and next, whether the remedy pro. posed was likely to be effectual ; and finally, whether this was the proper time for applying it. Now, he had very sanguine hopes upon the subject. Some had i ndeed said that the measure proposed by his Right •Honourable Friend would be entirely nugatory—that there would be no banking firms established ; but be bad the most sanguine hopes that there would be banking houses established in consequence of the other measure that was intended to be brought forward. It did appear to him that there would be gentlemen seen come forward, not actuated by the mere desire of profit, but from an anxious wish to see established a more firm system of banking in their own im mediate neighbourhood than at present was the case, in order to avoid those many evils that they were now compelled to witness, and often times very largely participate in, notwithstanding the absence of a charter, which, according to the present determination of the Bank of England, would be denied to diem. He, however, sincerely wished that that obstacle to a firmer and more subetantisl system were remnved ; and he did wish that the Directors, for whom he entertained the highest opinion, would seriously consider whether any great advantage to them could possibly be derived from their 'insisting upon the absence of a charter to those firms that might he formed it, consequence of their having liberally given up the privilege they possessed hi confining all barking establish ments to a number not exceeding six 'persons,. and to consider; whether the granting the charters could by movability affect their own interests. For hie own part lie could not COSMIC what single vantage the Bank of England could derive from the absetice of the charters to the provincial banking establishments. although heat the same time most readily admitted that they bed a right to oppose their being granted ; and now that he was mentioning the Bank of Eng. land, he meet say that in all the intercourse which lie hat ever had with that body, he had experienced the most liberal and upright con duct, and that during the late extreme panic, when the country was in a most feverish and alarming state, their conduct had been throughout highly honourable. The Bank were placed in a very critical situation ; they had not only the welfare of the empire to consider, but as a body of men trading on their own responsibi• lily, they had also their own interests to consult; and he must say that.he could net conceive it possible that any men could have re conciled those interests with greater judgment. greater liberality, and greater justice; and he wished they would only increase his admiration of them for their liberality by consenting to wave their objections to a charter being granted to the banking companies that might hereetter be formed. With regarti to the argument which had been advanced against the probability of any such batiks being formed, because there were already tou great a number of banks in the !tame district, he could not but conceive that it was the most delusive reasoning that could be advanced. Let there be a company once established, with proper directors, similar to the Bank of England, and lie believed they wunid find that there were gentlemen of fortune who would readily come forward to follow the example. What wee the ease in Scot land ? Exclusively of the chattered banks in that country, how did their numbers stand ? There were altogether about 100 banks in that country; but the whole number of banks which were not chartered did not exceed 30. Now in England there were up ward. of IMO banks all unchartered, while in Scotland there were not mote, as he had just said, than 30. The inference, and the fair and legitimate inference. then was, that let but the same system be adopted in the country es in Scotland, anti they would find persona come forward with alacrity to avail themselves of it. Wliat had been the case In Ireland ? He believed that since the passing of the Provincial Banks' Act. in the last Session, two banks had been already formed, besides a provincial bank, not with a limited reopen sibility. It therefore did appear to him that with the experience of Scotland and of Ireland to direct them, they had every reason to hope fora similar result taking place in Engiand, so soon as a cor responding system should be introduced. )tile confessed that after the fullest consideration he hail been able to bestow upon the sub ject, he had come to this conclusion with his Rt. Hon. Friend (the Chancellor of the Exchequer). that they could not in this country maintain a circulation of bank notes of the same denomination with the gold coin of the realm. concurrently and together. (Hear, hear.) While there existed a power on the part of any persons to issue a paper currency of a denomination with the metallic currency, the latter would evidently be driven out of circa: !talon. He did not mean to cast blame upon any one for this; it was in the nature of things while the system sanctioned it, and no imputation was to be thrown on individuals who sought to substitute paper Mr the gold circulation. So long as the system lasted they had a right to do it, and the consequence was that they would do it so t sa r as they could. !'here would ever be an immense number of notes in circulation while, the law placed no restraint upon those who issued them. When the Batik of England purchased bullion and paid dividends with it, and issued their notes in exchange hur those they had be fore issurd, the dividends were immediately returned and the Bank of England notes were taken instead. But those notes would net circulate in the country, in consequence of the country barkers, who had entirely a monopoly in the circulation of the contort , . sn that it wee toeless to attempt to establish a gold c rcalation while a paper circulatioe existed. But, in discussing this gutstion, it ap peered to hint that they should not have any reference to the past for the purpose of criniinaiing one another, but whit the view only of enabling themselves to arrive at that knowledge which experi ence would give them. that should lead to x better state of things. It they hail been wrong, let them not persevere in error; there was nothing improper in a change of opinion. He thought that Mr. Ricardo greatly over-rated that plan which he proposed for dia. pensmg with a gold circulation, for lie (Mr. Peel) did not think it ioNu I;abTeh 81:1.1e:h:;ceirlielnitti.rnh.naa practicable to maintain gold in bullion with so small a circulation, in case of a bad harvest, or in the event of a war, he apprehended the country would be exposed to the constant chance of a stoppage' of cash payments; in point of fact he thought (to use an expreesion o his lit. Hon. Friend's) there ought to be a saturation of the country with gold ; he thought also the amount of the currency of the country had been over-rated when it was stated to amount to 30 or 40 nil !tons. He thought it was not so m ich, and he should notehespair see ing all that would be abstracted front the circulation by the with drawal of the small none, supplied very readily in gold. There appeared to him to be no great difficulty in getting to this country bullion of sufficient amount to give it a gold circulation. M'hat was the probable amount of the circulation of this country ? The 1 1 1 ;:i n cu a t t Honourable Gentleman (Mr. John Smith) said that the probable amount that had . been estimated teas entirely fallacious, and that countryohl iw o o w nnb e .a y snis i et ent noose oti ff )eic i leri r st e 1 imatvery daietmateriallydenomina tions examine;rbefore tes there was no possible means of nscerlaining the real sum in circuit!. t s h a e ny li p; t tn ° l n l l ie nl p it e t r e i e od in ft l ir til w 9 h.ch W I . were in circidation, lie said that the average period of time the notes remained in circulation was three years. Five and ten pound notes, he observed, remained four or five years, but then the . ernell notes did not circulate for m ore titan two years and a halt, so that the average was about three years: the estimate therefore of the probable amount of notes in circulation at one ! u ea l a a t 1 0 1 o n, n t shhoefo issuesu t l h d e b c e o o u tf i a t k t s r en y tila ; l small away, o n Ise could be easily mode. Ni one proposed at all to limit the cir ng culation t d s h e i e t h w s e a y t s m t e r m i the monopoly t p e m t i te t n l n a t o h w fl a r n e n a , t e r ° - r basis. Only let the sovereigns he set in circulation throughout the country, not by tiny oper use transmission from London to the bankers, but by a tlistnbution from li c e country bankctp them atter+, by making them feel that 'bey were liable to pay in gold, and the measure proposed would, by a very simple process, b on that effect. Now what was the maximum of the issues (wont anti two pound notes in circulation at one t i me ? According to th e opinion of every gentleman connected with Jim! balding buts, nos, who was examined in the Committee of the y e , ifiln, and also according •to the evidence o f the "enL„ graver of the Bank, in the last three years there were stamped for country bank notes 7.600,0001. Now assuming that a country C', bank note could not remain in c i rcu l at i on more than three yenta and taking the years 1823, 1824, a n d 1825 , there appeared to be it: the year 1823 very nearly two m illi ons , b e i ng 1.988.0001. • is the year 11124, 2.L00,000/. ; and i n 1025, 2,l32.oooL—inaking a l t ota amount Or 7,600,0021. If any reliance c ou ld b e g i ven to the nest, lion that country bank not e s d i d not remainin circulation mote t map three years, they then had the remit from the above Nictitation, ihat. the maximum of the c i rcu l at i on min be 7,roknow. i s „ at : log this he had made no deduc t ions, which, according to t h e nL dence of the lion. Member ler Mitlhurst, might v ery pol ybe made. For it was st a t e d b y him before the ommute that it very often happened that nearly half the notes were in t o o possession of the bankers. It wan clear that a portion aught to ba deducted from the amount of small notes, and there ought el % to be a deduction on acco u nt o f t h e notes o r other country hanker, which were retained in the posiesaion of each b an k er. Tak also into account the redu ct i on w hi c h h a d recently thS'en pl ac e cnnaequence of the contraction of tames, and the withdrawing o f others by the unfortunate failures that had occurred, he could not help thinking that the extent of the circulation wa s a t o x „ J. He thought that there would be no difficulty in reply, ing the whole of this sum in the course of three years b the issuing of sovereign s . Ab ove a ll , when lie considered' thio most Important fact, that since the year 1819 (and there mild be no Tektite in the calculation) there had been coined at the Mint no less than 25,000.0010. and if they were to decoct from this the number of sovereigns that had been exported out of the cmntry at seven, or even say eight millions (which he considered to be an ex. trayagant calculation ) there would remain on !eye than 17,000.0 all. of gold coin in this country. He also believed that' the proh h:. don of country bink notes would have the effect of intrudur a:. those sovereigns into ci rcu l at i on w hi c h h a d not been either raper el or melted down, but which were retained in the coffers of the bank re, partly for the Tommie of meeting the demands teat might be m de upon them, and partly tram admire to see their dwn notes in eirettla. Lion. If, then, biases correct in the position as to the amount of mitre in circulation, he could not refrain from blieving that In the courseof three years sufficient geld would be called into eitadatimma to supply the, vacuum that the abstracti o n o f the Country honk notes would occasion. For these reasons he thought the remedy proposed by his Right lion. Friend was fully equal to the evil, and such we ought to be adopted. And now he wo u ld state w h y he conceived this to be the proper time for the adoption ofirsthatf t remedy. The argument of his Hon. Friend who spoke in this night's debate was one which he (Mr. Peel) could not admit to be well founded. His lionourehle Friend teemed to think that there was the same right on the part o f t h e country banks to issue small notes as there was on the part of the Rank of England to retain its exclusive privileges. (Hear, hear.) He must most broadly and unequivocally dissent from that prate. sitioo. The charter of the Bank was given for a t a . u.ibleconbraders. Lion ; there was a payment made upon the charter being grant; but what remuneration was ever made for any grant by the country bankers , for the right to issue one ar two pound notes? lie he. lieved it was impossible for the Parliament of this 'country to rmeng. Mee any such right. With regard to the question of rime her adopting this measure, the only pronosition he had heed was that the House should postpone the considera tion of it for a ' month. To postpone the consideration of such a qnestion as this would be holding out to the coon. try that it was the intention of his aliejeety's Government, in the course of one mouth, to adopt some measures reopen': Mg the most vital interests of the public, but leaving than to conjecture what those measures might be, and thus occasion all the agitation of suspense and apprehension. It appeared to him that if there was anything likely to create embarrassment and confusion throughout the commercial world, it would be the course which was thus recommended to be pursued. Every argurneat that he had heard convinced him that this was precisely the time far carrying on thia measure. He wall perfectly satisfied that the ques. don was neither mote nor less than this—were they prepared to deny applying a remedy to the distresses that existed, or were they nut? (Hear, hear.) If they were to abandon the question, let ' them abandon it ; but let it be distinctly understood that they did indefinitely. If Hon. Members wou ld on l y re f er to what took place in 1818, when a proposition was made by Government to the country bankers that security should be given by them, and which they had by a successful opposition defeated, they would see what they had to cx met would be the disposition on the part of dmtt gentlemen to accede at any future time to the proposa;,ma which they now oppose. He thought that on that aces. lion he heard insertions made, that were calculated to male them feel, that this House was not always to expect in the time of prosperity, a compliant acquiesence from that quarter, to the teem. sures that Government might propose. If it was true as hail been stated, dint gold was flowing into the country day by day, and that the amount of country bank notes was nut so great as mermaid, then he would say, that a great deal of that observation would go to strengthen hie own side of the question, and would effect the restoration of the currency so much the more teadily. In polo: of fact, the time was now reached when this me a s u r e aught to he adopted, and diet if, as the Hon. Member hail staid, that thee were these streams open, and time current were flowing in to noutish and cherish the country, he would do his utmost to keep it open, Inibre4 quern super now alluere ripas Ferret." He Mould continue making the passage now while it *as ec.,aable, but if pustnottement ace to take place, he must abandon his hops' of opening that passuge for ever. Alderman 11 EVGA'f E explained. Mr. 31. Arf it 001) rose arnidet loud cries for Mr. Gurney. and it was a long time before we could catch a word of the lion. Gar.. tleman, and when we did they were uttered in so low a tone of voice that we could not collect the tenure of the Hon. 31ember's observation. We understood the Han. Gentleman to my. that Whatever good or ill had been produced by the paper circulation was to be ascribe] to the increased circulation of the Bank of En.- land. All those enterprises and overtradings which were the sal,- ject of the Right Honcurable Gentleman's observations were to t e ascribed to the measures of Government. The paper circulation was forced by Mr. Peel's Bill, and from that arose all the cats lmities which followed. Further confusion and wider calamities were likely to arise from it which the proposed measures would tend only to facilitate. The session of 1822 commenced with Ministerial projects for increasing the Bank circulation. It was first proposed to increase the Bank circulation by borrowing money it was then prouosed to lend money for the purpose of increasing the Bank circulation, and out of all these projects arose the ore tor raising money upon a dead weight, and borrowing principal pay intereq. There were 21 millions of Bank notes in circulation, and it was as clear as that the sun would rise to-morrow that o e rice of gold would rise in proportion to the quantity of runes oat. fhe change in circulation produced by the measures of Government effectually altered the value of property. It was worth while to see how the ptice of gtain hallowed that alteration. In 1821, the average price of grain was 435. a quarter, and lie should be "lad tr know that was not as high a price as could ever be ob.:lined for it with a metallic currency. A. to the change of seasons in a country like this , the argument deduced from that was perfects nugatory. The question was not uto quantitk„ but as to price. Vhen corn. matinee were at a high price gold amppeared, and was at a high England until the value of comniodities was teduced. The Bank of England was the hurt and foundation it the money system of this country. When commodities were high; the demand was greater, and when the price of commodirint was reduced by the measures of Government,' the demand decreased. The precious metals, like other thinks, were subject to this s.andard. Out of the high prices other things, besides speculations, arose. Rents had arisen from high prices. (Hear.) The population of the country, too. was changed' from a population he might say 6f rebels, into one of the most contented, tranquil, and prosperous populalons In the soda-- a population full t of content and prosperity. (Hear, hear.) The' Chancellor of the Exchequer bad observed orlon tub favourable state of the revenue; but wax not the favourable state of the revenue founded upon a paper circulation ? The Government should be cautious how it proceeded. Deeper events, whether they were in. cierstood or not, may arise from the fate measure of 1819. e vote of that year passed, as the Chancellor hid stated, with unard. mity, but he (Mr. Attwood) thought that tumult and reekies levity had endangered the security of the empire. 'the proceed ings which followed that pressure had debased Parliament In ti e eyes of the people. Alinisters should recollect what had past,sand if these recollections did not impart caution nod& g could. B s the! did not teach them alarm, when everistep was be , et with diffeuis ties and dangers. the country had little to hope. When the notes come to he withdrawn the money engagements of individuals were necessarily Cut down to that on which they were founded. By soli meats, either by slow reduction or by sadden resolution, all es gagetnedts were /reduced to the level of norm of the Bank of En; land. But the Bank could issue largely with Mr. Peel's MI pressing on it. The Bank paper was foreid back by the measure* of Government, and distress was the necessary consequence. The Honourable Gentleman concluded amidst loud cheers. but the con eluding sentences which tell from hint were very indistinctly head in the gallery. Mr. H. GURNEY next rose to address the House but was let the most part Inaudible in the gallery. We understo od him to esl that in the proper place he intended to move an amendm rat to the resolutions proposed by the Chancellor of the he' chequer. He Intended to move the omission of the words WO of the Bank of England, in order that the prohibition should not apply to them as to country bankers' notes. I f lie understood the Chancellor of the Exchequer's project, the Bight Honouralle Gentleman intended the same prohibition to street notes of the Hank ofEngland and country bankers' notes ; but he thought the plan would be much lessobjectionable, if Bank of Engiandnmes were substituted for the country hall k ers'tnes which should be wi +drawn- Though It may be inexpedient that country hanker, should have the power of issuing small bank notes, this ptivilege would rot be 'expedient when placed in the hands of the BankofEngland. There were two entirely different subjects of discussion before the House —the present distresses and the state of the currency. Within short time, during the last year, there were no less than 114 hub - Wes or projects afloat perfectly impree'le.ible, and at the end oi a South-sea year, was it to be w o nd ere d at if we were placed in a se motion of great embarrassmanal Ile I Mr. Gurpey) laid all the errors which were committed at the dotir of the Bullion t'ern' mime. Mr. Homer came front Scotland, and brought all ter depths of Scotch metaphysics to embarrass the currency q uestion. In lOU, when he had first the h o no u r of a seat in that limo ,, : the depreciation of tile currency was stated to be 33 per cent. • • • • • • • • • if i • 1 • f • • f o e • f t n I • it I, • r. :e it 1 4 it e n le' le I le f. e ld 1. re et Ile 111 n• td er As nt C. . Wt he Ile he he ' 1 1 1 m. ere he in• . ere - Ise • 'b• Fe si. she the on. •