The Sun. — London, England, 1847-11-25 00:00:00

/ 1 THE SUN, LONDO'N, THURSDAY EVENING, NOVEMBER 25 1 1847. Indies, show a terry LI;le balance on the other side. For au increase of 7 1 000 packages on one side, there is a falling off of 30 ,C00 on the other. And this is your your balan c e of. trade! This is the result of free trade! When her Me t jesty recommends the further considera tion of the navigation laws, I think prudence might sug gest to the Noble Lord, with all his courage, the pro priety of holding his ruthless hand.—(Hear, and a laugh.) ;Surely, in the present circumstances of the country there is little to encourage us in extending the free trade system. Let us, who were told by the Right Hon. Baronet the Member for Tamworth, in 1845, in proposing the renewal :of the income-tax, that such would be the elasticity given to trade and commerce and all branches of industry by his new com mercial policy, that he hoped to be able, some time in the course of the next spring, to dispense with the pro- Petty and income-tax altogether—let us, who are now told in. her Majesty's speech that she " regrets to inform MI of the injury which the revenue has sustained," Pause a little before we resolve to proceed further in the ruinous course vthich has conducted us to our present disastrous position.—(Hear.) Remember that, if we are to believe the evidence given before the Navigation Committee, the question to which her Majesty's Speech refers concerns a capital amounting to no less than 8 ,000,060/, invested in shipping alone, and 14,000,0004 More invested in those trades which are necessarily con nected with shipping—(Hear.) Let us bear in mind that it is a trade of which the fruits alone amount to 28 1 00 0,000/. a year, and the annual expenses t o 26,0 00,0004 Without going now into the general ques tion, I say, that when a mighty interest like this is cc,n cerned, I cannot permit the report on the Address to the throne to pass without entering my protest against Ministers proceeding, with regard to it, in the same rash course which has been pursued respecting other im portant interests.—(Hear, hear.) Her Majesty has been pleased to tell us that she has given directions to have the estimates which are to be laid before us framed with a careful regard to economy. I rejoice at that in formation. I feared that we might have had to listen s t o some proposition for the imposition of new taxes ; out I hope that I may now cengratulate the country on her Majesty being able to dispense with the imposition of any fresh tax upon her subjects. As the property and income-tax expires in the course of the next spring, may I not venture to hope that Ministers even contemplate the possibility of being able to, dispense With that burden ?—(Hear, and laughter.) For myself, confess that I cannot see daylight at present. I know slot what course we can, with safety, pursue, unless it be that of retracing our steps. The Hon Member for Lancashire said last night that he could see only one ray of sunshine to illuminate the gloom and darkness which surrounded us, and that was to be found in the circumstance of her Majesty having been whisked along a railway at the rate of 45 miles an hour.—(A. laugh.) According to the Hon. Member, her Majesty passed like a bright star through the darkness; but if he can furnish us with no greater trope than is afforded by that circum stance, I fear that we h ave on l y t h e prospect o f a melan choly future before us. Oh ! how changed are the, auspices under which we commence this session as compa re d w i t h ,hose under which the session of 1846 egan ! Then, her Majesty permitted her Royal Coe sort rtto honour us with his presence in this House, as it t vs!re, , sa ell the glory of the pageant—the sort of b rlura a p"al procession by which free t ra de was ush e r e d u'...cat promises were then m a de—hi g h e xpect a ti ons e re- raised. lam surprised at not seeing here in his eeltee the Hon. Member for the West Riding of York tatid the borough of Stockport. One might have ex pected th at H on. Mem b er to have appeared here to dace the dangers and difficulties of the present hour. I think if t h e Hon. Member were here he would deem it 'his duty to explain how it his happened that all his Trornises and vows have been broken.—(Hear, hear.) We know that in 1841 the Hon. Member delivered a celebrated address, one of those eloquent effusions tr 'which h elped to make up the weight of 416 tons of acts circulated in the course of the Anti-Corn-law I t t l it ation—to th e non - e l ec t ors o f St oc kp or t, i n w hi c h h e thi , dhis audie nce th at i t was necessar y on ly t o a b o li s h impious and anti-Christian corn-laws," and in two months from the passing of the Bill which should tirect that object, flour would be six farthings . Pound, whilst there would also be plenty of o'Pb:ln:tent at advanced wages. The Hon. Mem -1," als o sa id t h at every m ill wou ld b e go i ng, -1/4 ever l oom in motion,—that new houses, new ors . urches,y and new chapels would arise in all direc- Z tt °, and, in short, th a t th ere wou ld b e no li m i t to 0 prosperity of the manufacturers and their work teopio. The Hon. Member further called upon all at e hr 'slian men to put down the impious monopoly which d sa id took from each of the persons whom he was resting fourpence out of every shilling, which four- Ctice they ought to have to expend in the purchase of act e° ffee, and clothing. Yes ! the Hon. Member did took hesitate to declare that the un-Christian corn-law one-third of their food from the wives and families of th e ta poor in order to increase the overgrown wealth of , 4 „.° Duke of Buckingham and Sir James Graham.— i n g s e ,ar, hear.) I rejoice to see my Right Hon. Friend the my place as large as life.—(A laugh.) I rejoice to ra Y Right Hon. Friend looking so well, fresh from Ilcie contemplation of those hoards of wealth which the • 13 . Member for Stockport gave him credit for possess thtwhich is doubtless a more agreeable occupation than °f bestowing attention upon those miserable free th.l9 Measures which are now beginning to develop v r v i tr fatal results. I also rejoice to see my Right Hon. 3.4 ° , 4 on the pre (nt occasion, because, if I recollect have 1 eontempor. neously with the address to which 1 iyo been referring appeared another from my Right . , • Friend, and his presence here proves that ',A(,;, tins sl ot become the victim of an imprecation wh:Lch fie intro a7e into that address. My Right Hs as , F r i e nd, in his certain to the electors of Durcheste rtain changes then sug g es te d : expressed his horror `',„,geste ' d by some persons, and exclaimed-- " M ay I be cols i - before that dreadful day, Preened with a load of monumental clay !" and laughter.) And •e'r ear A iet d ineAulged this H on. apostrophe— st hen thou, imperial Troy, to fate must bend, (L And see thy warriors fall, thy glo ries . end !" old -dghter.) But to revert to the re ti es w hich f f were ee out in 1845—how different are P ire measures from what we were tau resultsht t expect e r a I ,C were promised prosperity and happingesa,,;stepad of peoplwe see nothing but ruined employers and starving e . . just - -starving in the midst of Plenty —for have we „,est .thanked Almighty God for the bounteous hat under ilow different was the position of the country Pursue the Protective system, when we were content to th e el ! ( iar Prosperous and wealth-making industry in trade- winds of national and colonial protection ! tbst,l prase h ear.‘ J Then came the day when, unfortunately, trad e d ' t Wer e i„ lth , er:mmerce of this country—wantoning, as with ts; e i, tl'-eir very wealth and prosperity—not content to th e -enefits which they possessed, must needs listen Als r .• '`.4,ductive language of the Right Hon. Baronet the s'oer for Tamworth, and the Hon. Member for " °t hPor they , and to abandon the solid advantages which (Rear for the meretricious tinsel of free trade.— ' ti c , ' " e ar.) Now how changed is their state! I , ; ', like a Younker or a prodigal, /1 ": scarped balk puts from her native bay, n e gg'cl and embraced by the strumpet wind! raw c like a prodigal doth she return L h Over- weather'd rib s an d ra gged sails, T. 7 4 °, rent, and beggar'd by the strumpet wind. " th e Zd J. RUSSELL —B e f ore I allu d e to t h e s p eec h o f zi e We Lo r d, I wish to make a few remarks in thu:wtior to th e observations made in a temperate tone by i n n• Membe r f or Middlesex, who inquired respect g certain measures propos e d b y t h e G overnmen t. O ne w .7 411 _r • respecting which th e H on . M em b er i nqu i re d at passed in the last session of the last Perlis t4ent, fo r advancinlang money for the improvement of tra:n ti propert __ lir y . The Hon. M em b er as k e d w h y th a t e had not been acted upon? I can assure hies that all the persons engaged in carrying that measure 44t0 e ffect have g i ven t h eir best attention to the subject, aild h h,, of happy to say th at more than a million and a th at 7money has b een applied for under that Act. Of and g i u t in .s more than half a m illi on h as been sanctitned, evident,... therefore, that the Act is in full Hear, hear.) Of course there were many P slinnnary inquiries t,o be made—of course there wer forms connected with the advance of money on the security of estates whicyhpeirteeweas necessary to comply bseeare disappointed be with, and no doubt man cause the advances have not ade at an earlier period; but, advances to the amountilimhave stated having been sanctioned, it is to be presumed that th money will be properly applied, and be the means e giving. increased employment to the people of Irel an d o f during the present winter.—(Hear.) The lion. Membr toleo referred to the Encumbered Estates Bill. That !_esa.sure was withdrawn towards the close of the last esssiion, partly on account of the advanced period of the on and partly because of a very strong opposition m wi nch spru ng u p aga i ns t i t on the part of some parties o h: Ittaho were interested in it. Th a t subject has ° a har ed the attention of the Government, and a ll ing a similar object to that of last session will be " I troduced into this or the other House of Parliament. m i . nleh the greatest importance to a measure of that ti- la my opinion one of the greatest evils of Ireland 11 5 the 110 minal possession of estates by persons who he men 'Aetna of improving them and doing justice to their tV ant s - -(Hear, hear.) In many instances persons in at situatin, having large estates without the means of impro ving them, would be able, by selling a part, to V o a_lte the remainder far more valuable. With reference Memigration, which was also referred to by the Hon. ember, I have generally held that emigration is useful b'el.t Subsidiary measure in some respects, but I do no d t wil e ) ," that there is that over-population in Irelan tu re — a nme persons allege. I believe that if agricul eouj Which is the great branch of industry in that lu rY, were to m e an s in with skill and science, a ti . e ... r .! ) e xist the means in Ireland of supporting, not only 41 7( 1,3 71! but even a greater population than it has hitherto which will hear.) There is another measure e i will be introduced in the course of the session, tor w s. l.Y, _a Bill for the amendment of the grand jury ita(terear, hear.) That is a measure which vvill fY re .s u h tend to the improvement of the country. same lim o , subject of vast i m p or t ance, an d , at t h e tht, ,so di ffi cult for th e L eg i s l ature to deal w i th, t o i t, 4ndalthoughhave we have d evo t e d t h e greatest attention ye gone over the details of a Bill, I will on ly at Presen t ! i n n s: ht,i,c_ that we hope to be able to introduce ~,w13171 embodied regulations which ap pear r I.) consistent with the improvement of the deiMe " 1 '! ote , feted, tied with ih(_ , on ouil, end led( feasibi,: rights of prop erty, se, r ' —(ll ear, Les;.) I allude to the Brest teo sn ll ' l ' L '" of es the relatio between , a I look back to wh at h as happened in ir-elitt'id, find that for ninety years the questions of sub 15teu0e, of Poverty, and of crime, in that country have been more or less mixed up with the question of re hitions between landlord and tenant. The most vio lent outrages hare been met with the severest penal - but we have never placed landlords and tenants in a position in which they could respectively en ti:rtain feehugs of kindness and confidence towarJs each other, although the relations of landlord and tenant are those in which such feelings are most especially re quisite.—(Hear, hear.) I say that this question of land lord and tenant has been one of the difficulties in the n•ay of legislation for ninety years. It existed before the agitation for the removal of the Roman Catholic dis abilities—before the agitation for reform—and almost belore the agitation of the tithe question. I can assure the House it is with apprehension as well as hope I approach the consideration of this question. The Go vernment is devoting its earnest attention to the subject; but we have to lament with reference to this as well as I other questions, that we are deprived of the advice and ' counsel of my late lamented friend Lord Besborough. His Lordship informed me that, although he had sketched a plan on this difficult subject, which he thought might be embodied in an Act of the Legislature, yet he should t not like the measure to be brought forward without his being in his place in Parliament to explain its details. Unfortunately my Noble Friend's illness prevented our ever knowing what were the views which he entertained on the subject. I hope I have said enough to show that we are.not liable to the charge which the Honourable Member rather insinuated than formally preferred, of having coercion alone in view, unac companied by remedial measures. I feel now as strongly as I ever felt that that would be a totally mistaken po licy. Ide think, hewever, that it is our primary duty to check those atrocines crimes which we have lately heard of in Ireland. I conceive this to be necessary, if for no other purpose than, to protect the introduction of capital and improvement which is so essential to the progres sive prosperity of Ireland. When Gentlemen express their regret that English capital is not introduced into Ireland for the purpose of effecting improvements in the cultivation of the hind, they should bear in mind that it is in vain to hope that this should take place as long as crimes of such magnitude and atrocity continue to be committed in that country. I should hope, therefore, that if we are successful in checking crime, that circutn cumstance may be 'placed among those things which will tend to improve the social condition of Ireland. I will say no more about that measure, because in a very few days my Right Hon. Friend (Sir G. Grey) will have an op portunity of explaining its character to the House. With respect to the Noble Lord (Lord G. Bentinck) I must awn that the phrase of that statesman for whom the Noble Lord has always professed great admiration—Mr. Canning— " a great deal of good indignation thrown away,"— seems to me to be very applicable to a good deal of the Noble Lord's speech. I thonght that when the Right Hon. Gentleman, whoisits next him (Mr. Herries), asked for an explanation of the arrangements between the Bank of England and the Government, and of the mea sures lately taken by which the law might have been infringed; and when my Right Hon. Friend (the Chan• cellor of the Exchequer) said that, the House having gone so fully into Irish matters, it would be better to postpone the discussion on that subject until Tuesday next,—l thought, I say, that this was a very fair ar rangement, and that, as the Right Hon. Gentleman, who is as competent a judge as anybody, seemed satisfied with it, we should hare heard no more of the subject till Tuesday. If the Right Hon. Gentleman or the Noble Lord had said last night that they wished the debate to be adjourned, or that on the report of the Address this luestion should be fully discussed, my Right Honour able Friend (the Chancellor of the Exchequer) could have been ready to take that course, both be cause he has no personal interest in the matter, and eecause, having had his mind directed to the subject , or the last six weeks, he would have been as well pre_ pared yesterday or to-day to make all necessary explana tions on the part of the Government as he will be on Tuesday next.—(Hear, hear.) And yet the Noble Lord seems to be hardly recovered, even now, from one indignation which he expressed with respere's to the course pursued by my Right Hon. Frieeel The Noble Lord, however, has taken this opportunity to go very much further than that particular measure of which he appears to complain, but of which I do not know, even at this moment, whether he complains or not. We thought it necessary, at a moment of great emergency, ea recommend to the directors of the Bank of England co advance their notes upon approved secarities, telling them at the same time that if thereby the Act of 1844 should be infringed, we would then come to Parliament and ask for an indemnity. Having done so, we thought it our duty to advise her Majesty to summon Parlia ment at the earliest possible period, in order that we might state to Parliament what had been done, and en able us to meet any consequences which might have ensued from the step which was taken. If our conduct was wrong—if it was likely to lead to public injury—if j it was on a slight or fanciful occasion that we thought j it advisable to recommend a suspension of the hiw, the Noble Lord has it in his power to propose a resolution to the House to that effect. We do not, however, think that we have failed in our duty to the country or the Crown by recommending this course—(Hear, hear) —and yet, because we propose to postpone discussion on the subject from one Tuesday to another, the Noble Lord seems to think 'slate we wish to avoid explanation. can assure theT;ebleLord that he shall have all the explanation on • :tatit subject which he can desire, and an account both, of the causes which led to the adoption of the inFase and of the consequences which have flowed from Those consequences have shown that we were wec mistaken ix the step which was taken. Those con sequences have shown that, consistently with maintain tog the convertibility of the bank-note, we could main tain public confidence, which had been very seriously impaired.—(Cheers.) The Noble Lord alludes particu • lardy to the deputation from Liverpool, and evidently has mistaken the sense of the answer which I gave to that deputation. Of course it was not for me, while the matter was under 'deliberation, to state any step which had not been adopted by the Government. I told them, -' At the present moment I see no public advantage in interfering with the conduct of the Bank, but the Go vernment do not preclude themselves from taking any neasure which at any moment they may think conducive to the public interests."—(Cheers.) That was my answer to the deputation • and when the deputation proposed that two gentlemen of their number should call upon me on the following day, for the purpose of ascertaining whether there would be any change in the intentions of the Go vernment, I said, " I can hold out no hope to-morrow which I do not holdout to-day."—(Hear.) The Noble Lord has gone into a great deal of declamation, as I think, but in which I shall not follow him, with respect to our proposing a certain rate of interest to the Bank, the rate of interest at that time demanded by the Bank and by many private parties being, I believe, 7,8, or 9 per cent. My belief is now, that in our naming that rate of interest consisted the safety of the measure which we authorised—(Heer, hear)—and that if, as the Noble Lord seems to think we ought to have done, we had ad vised a general issue of bank notes at 41. 15s. or Si. per cent. interest, we should have increased that want of confidence which it was the object of the Government to diminish. That is all I shall say on that part of tha subject.—(Hear, hear.) But the Noble Lord has thought it proper on this occasion to raise a kind of song of triumph on the calamitous situation of the country, and the extreme prosperity of foreign commerce. The Noble Lord has spoken of the French loan. We had ourselves, some time ago, occasion to borrow a large sum, and the terms on which the loan was contracted were 891. 10s., while the French Government only obtained 75 francs 25 centimes. That circumstance does not show that our financial situation is so bad as the Noble Lord repre sents it. But then the Noble Lord went on, without any show of reason for the assertion, to speak of the calamities which had occurred, and of their connexion with free trade. So far as I observed his reasoning, I was reminded of the old labourer who discovered in Ten terden steeple the cause of the Goodwin Sands.— (A. laugh.) There have been free-trade mea sures, it is true, and there has been great depression in trade ; but the connexion between the two the Noble Lord has failed to establish. Have there been no other periods of depression in this country ? In the year 1793, to which the Noble Lord himself has alluded, was there not a period of commercial depression and panic ? And yet, at that time, those laws and du ties which we have since abrogated existed in full force ; and the laws of protectioa did not prevent that depres sion and revulsion of trade which this country has many times witnessed. I agree with the Noble Lord, partly, in what he says with respect to railroads. I have never attributed so much importance as others have done to the effect which they have produced upon the money market. Undoubtedly, railroads are among the causes of the panic and distress which have been felt ; but, to attribute the whole revulsion and distress to,the railroads is, I think, attaching an exaggerated importance to them. Unfortunately, Sir, whether you have protection or free trade in this, eotilitry, make your laws as you will, regu late your callow) , as you please, it happens that this country, - wh*" it : rises to a state of great prosperity, rushes :on "e prsgeipitatolY to build a system of artificial Bit et A.ctitious credit, which is sure, at soultS - Xnelneriteif other, to bring down depression and a revtditioit or, that prosperity. I fear that this state of thangs is andeparable from that enterprise by which our tnerchants are distinguished. The reason why the Plihie . was stzt:grecat and extensive is, that there is no country withetrahsactions so large as ours affected as this country entist be by events which take place in different quaiters of the world, which no one could have foreseen or imagined. It was said a long time ago by Lord Chatham that the credit of this country was a sensitive plant, which shrank from the touch; and, if this were true in the time of Lord Chatham, what is the so much case,rate th case now, when the subst an ti a l wea l th of the country i s inuc a a ti n and i was engagementsas at that time? i haveme? which are b e y on d t h e immediately available capital of Well , been mt then, n 1 if that the country, there must, in consequence of that undue extension, be a panic and collapse, during which the country must undergo a considerable degree of suffering. The Noble Lord has told us of the scarcity of cotton at Liverpool, and that that is a consequence of free trade. Does he mean to tell us that, Liverpool being a depot for cotton, foreign merchants resort there to buy it at the market price, and that as a consequence, speculations in cotton are unduly braced up? I should have thought that the fact of their being there was 'rather an advantage than otherwise, and that the circumstance of their purchasing cotton when the market was low was a circumstance which the Liver p ool traders would not look unfavourably upon. But is the Lord,that and made by the complaint cotton wool have been admitted at a low duty ? Why, a bag time ago, when there was a duty of 60 to 80 per cent., we were sending those goods into the markets of Asia and America, and competing with the foreigner in I can hardly ' 'sere erotection was of no value. t. petecs e that it is In respect of these er it,a„ imagine, tiwrefore, c,• that the Noble Lord's cornpluints e- a g ainst free .trade 8, \V 1!, thin, is tt cat if.---( fi fee) I lees the :act Ale Lord mean to say that he complains of the ad mission of foreign corn during the past year ? Does he in this mean to say that there is any class of statesmen House, or in the country, who are so determined on pro tection, that when wheat is at 110 s. the quarter, they would impose on it a prohibitory duty ?—(Cheers.) Even under the Act of 1828, of which the Noble Lord has been heard to express his admiration, when wheat was 725. or 735. a quarter, foreign corn was admissible at ls. a quarter duty. Lord G. BENTINCK—I never expressed any admira tion of the Act of 1828. Lord J. RUSSELL—I am mistaken, then, in that re spect. Perhaps the Noble Lord i s i n favour of a more prohibitory law.—(Hear, hear, and a laugh.) But still the Noble Lord is called on to explain whether, when wheat is at 110 s. the quarter, he would still have a duty of 20s. or 30s.' imposed upon it. It is evident that such a system could not be maintained, and it is equally evident that in admitting corn duty free we had the assent of this House, and of the other House of Par liament, and of ' , every rational man in the country.-=-. (Cheers.) And if you have to send out of the country many millions of gold to pay for it, yet a state of famine and scarcity is such that you must get corn wherever it is to be bought, , and admit it duty free. That state of circumstances, however, has nothing to do with the question of free trade, but has entirely arisen out of an unavoidable emergency. But then the Noble Lord goes on to complain that tea, coffee, and sugar are at very low prices, and that traders are obliged to sell those articles at a loss. That, again, Sir, is not the fault of free trade. Free trade does not oblige gentlemen to import articles at a loss, The whole matter is a speculation of their owns They may have mistaken the price at which those articles may be sold, but free trade leaves them to their own calculations of loss and profit. Surely, this is far better than laying it down by Act of Parliament ist what prices articles shall be sold. It is by no means, I assure the Noble Lord, a sine qua non of free trade that these gentlemen shall import at a loss or continue to sell without reasonable profit. Now, then, with regard to the actual state of the country. The Noble Lord thinks that the waht of protection toad the laws relating to the currency have brought us into a state which ho called no less than a state of shame, bankruptcy, and disgrace.—(Hear, hear.) I should be very sorry if these terms were applicable to the condition of this country, but I do not consider that they are by any means applicable to it. I consider the condition of the country to be owing, to a great extent, to the spirit which, if railways had not been the object, would probably have taken some other course of ex penditure, and to the import of food to the amount of not less than 30,000,0001. sterling; and it is owing to this and other c . rcumstances that we have had a great revulsion of trade, and that g rea t di s t ress h as fallen on the commercial and manufacturing world. But Ido not for an instant give credit to the statement that we are in a position of shame, bankruptcy, or disgrace, or that we shall not rise again.—(Hear, hear.) I do not believe that the intelligence and energy of British merchants and manufacturers, with the advantage of a change of duties, will not again enable theta to enter into competition with any nation of the world.—(Cheers. , ) I decline o n t hs a o n f d rn ia which calamity, that a t h t e tbi s Noblec o uLn Lord is w n t h t h a a g t o s o t d a t e o dealf do not find, alth oug h the last two months have been m of exultation apparently, speaks about. I find that in the nine months ending on the 10th of October, 1845, the declared value of British and Irish exports was 41,732,0001. ; in the same nine months of 1846, 40,008,0004 ; and in 1847, 39 ,975,0004 l so that, al though there is a falling off, it is not such a falling off as should inspire a man with despondency about our future prospects. It is a severe, but at the same time, a were, tem qoou3arze ; quarters and en tem porary calamity. I fi nd, also, that the exports from States, lo to o October, ere, for t B h 4 e 6, three 4,030, Liverpool of Briti s h manufattured good s , t o t h e United for di thngensatinhoe period in 1847, 6,291,0171. ; making a difference in favour bi the exports of manufactured goods during; ,ne present year of 2,261,014/. That shows Lb -st, according to the wholesome operations of trade and exchange, the food which we have brought to this country in greater quantities than usual has been the cause of greater exports of our manu factures.—(Hear, hear.) It is to that export of manu factures—to the return of the gold which we have sent abroad—to the state of the exchanges, and to several other circumstances of favourable augury, that I look, not for the immediate restoration of prosperity, but for the gradual restoration of a better state of things, and from that to our wonted and former prosperity.— (Cheers.) The Noble Lord has spoken of the esti mates, and says that her Majesty has promised that they shall be framed in accordance with the strictest rules of economy. The words of the Queen's Speech, however, are that " they will be framed with a careful regard to the exigencies of the public service."—(Hear, hear, and a laugh.) I can assure the Noble Lord, and I must assure the House, that if the revenue in some of its principal branches should be in a declining state, and there should be anything wanting which we might think essential for the defence of the country, or for any other purpose, we shall not be deterred by any fear of not meeting with the approval of the House from asking for such supplies as may be necessary. And I say, perhaps unnecessarily, that we shall not be deterred by any fear of the disapprobation of this House, because I believe it is the character of this House to give such supplies for the public service as to enable these realms to be furnished with all proper means of defence, and the State to be maintained as it has been hitherto maintained.—(Hear.) With these views, there fore, I differ much from the Noble Lord. I agree with him only in the facts which relate to the present state of difficulty and embarrassment. That there never was so gloomy a Speech I do not agree, and I am sure there have been many periods in the history of this country much more gloomy—(Hear, hear)—but I have always found, and I have always read, in times when I took no part in public life, that by the energy and spirit of this country those periods of difficulty have been surmounted. I believe that this period of difficulty will be surmounted; I will not say by the wisdom of the measures of the Government, but by the energy and noble character of the nation; but so far as going along with it, approving of its efforts, and not desponding of its fortunes, I will say that the Government will not prove itself unworthy of the nation.—(Hear, hear.) Mr. G. R. ROBINSON said his experience told him that in every fresh difficulty and crisis of this sort the country did not recover its elasticity and return to the same advantageous and prosperous condition it was in before, as the Noble Lord seemed to imagine. But how was it that, after a period of 32 years of uninterrupted peace, they found themselves in a condition which, without any despondency, was, in his opinion, infinitely more discouraging than any other he recollected ? (Hear, hear.) Looking to the advantages we possessed, if we used them rightly, and to the enterprise of our merchants, he was not ore to take a desponding view of the future ; but he would tell the Government if they relied too much on the energy of the people, and that energy was not assisted and supported by the Govern ment, the country would continue to retrograde, as it had done for several years past. With respect to the navigation laws, he had looked with much attention to the precise words in her Majesty's Speech on the subject, and he did not object to them. He did not object to inquiry into those law's, with a view to consider whether any or what relaxation or modification might be made in them applicable to the existing state of things and the maintenance of the maritime interests of this country and its dependencies. He would not be tempted, at such a time as that, to go into any discussion, but he would implore the House not to con sider the present state of things as one to be lightly passed over. He was glad to find that the Government intended to appoint a Committee of inquiry, and that the inquiry was to be general; for nothing but a searching and faithful inquiry into the complicated difficulties by which the country was surrounded would, in his opi nion, afford the slightest chance of relief from its em barrassment. If such an inquiry was made, and the Government was sincere, and not imposed on by those notions which the Noble Lord (Lord J. Russell) must have imbibed from persons less informed than himself, and by those fanciful theories with which the free traders had for many years deluded the country, he be lieved that the state of things would recover, and pros perity would be restored. He had not yet seen the Hon. Member for Stockport in the House, but he should like to ask him whether the predictions he had made as to the benefits the manufacturers were likely to derive from free trade had been fulfilled. The manufacturers might suffer the last, but they would not suffer the least, and he would tell them, that if they were so selfish as to call for the withdrawal of protection first from agriculture, then from the West India Colonies, in the cultivation of sugar, and afterwards from the shipping interest, the mischief that would fall upon those several interests would afterwards fall upon themselves. As a test of our commercial policy, he looked to the condition of the labouring classes, and in his opinion no class had a deeper interest in opposing the principles of free trade than the labouring population of the country. Mr. HUME was surprised that any Hon. Member with the information of his Hon. Friend could stand up in that House and question the allegation of the Noble Lord (Lord J. Russell), that from every great commer cial crisis the country had gradually recovered, and re gained its former state of prosperity. His Hon. Friend was chairman of a society in which the shipping interest was much concerned, and he would find, that whilst in 1825 the number of British ships was 19,000, and the tonnage 2,000,000, the tonnage was now 3,000,000, and the number of ships had increased in proportion. Again, let his Hon. Friend look around him in every town, and especially in this metropolis, and see how great an ac cession of houses and addition to every kind of property there had been, and then how could he say that things had not recovered ? His Hon. Friend had referred to the navigation laws. lf his Hon. Fri en d wou ld read the evi- dence taken before the Committee ,is the last s ess i on , h e would see that those laws were more detrimental to the shipping interest than anything else. Wh erever pro tection had been removed a beneficial effect had been produced. So long as the silk trade was confin e d to _ s, and composition was excluded, they h ear d Spitalfield every two or three years of distress amongst the weavers, and of subscriptions for their relief, but when a change took place in the trade, and competition was admitted, they heard no longer of that distress. It would be the been more same with the shipping interest. None had frequently spoken of as a losing interest for two or three years together, and then it took a spurt. He mast, therefore, express his regret that his Hon. Friend should venture upon such opinions • as he had expressed. The Noble Lord (Lord J. Russell), in answer to a remark of the Noble Lord opposite, had brought forward a statement of the exportation of cotton. Why, did the Noble Lord opposite know that in 1825, from ex cessive speculation, when the Bank could do what it pleased, cotton was raised from 10d. a pound to 15d. and 18d. ; and what was the quantity of cotton imported ? In 1824 it was 149,000,0001 b. ; in 1925, 99 2,000,0001 b. ; and in 1926. 177,000,0001 b. qud what tf)(.lc place 1 His Honourable Friend behind him, %yip) was lately Pret,idoit, of the Chamber Commerce at Manchester, would recollect the fact that the merchants, instead of exporting cotton at a loss of 2d. per lb., were obliged to export it at a loss of ls. per pound. That was a necessary effect of over speculation. Whether the Bank was tinder restriction or not, after a period of gradual progress towards pros perity, the degree to which credit rose was of itself one of the causes of the evils that followed. Would his Hon. 1 Friend opposite venture to say that half-a-dozen or a dozen of the largest houses that had recently failed were wealthy ? Why, many of them had been in a state of bankruptcy for years. It was only the state of the country that exposed their condition, and prevented greater evils. Nothing could be more unfortunate than the existence of such large concerns, possessing great credit, and thereby interfering with the prudent and at tentive man of business. With the credit they possessed they had sustained themselves for years; but, when he saw one house failing for 1,000,0001, another for 1,500,0001, and a third for 500,000/, he would venture to say, that if they would look to the manner in Which those debts had accrued, not ono in ten of those houses ought to have been in existence ten years ago. It was for the benefit of commerce that they should be removed. He was sorry for tb.;.. i; Lerna, and that the failures should take place all at once, for he would rather that those houses had gradually decreaaed and declined without coming together to that result which had spread alarm in the country, and which was most dangerous to the credit of small dealers and men who went on in a mode rate manner. One of the best means of restoring things to a prosperous state was to prevent extravagance in the public service ; t o b r i ng them within a proper limit. He was alway s f or pay i ng well those who did serve the public ; but not th ose whom they did not want. He would, for instan ce , save 1 ,500,000/. by doing away with the absurd block a d e o f t h e coast of Africa, and he hoped before any attempt Was made to renew the income tax, a proper explanation would be given why the people of England were put to such an expense. He had moved for a return which would show the House the enormous amount this country had paid and which had only ended in an aggravation of the horrors of the slave trade, and he could not think that the time was far distant when the country would put an end to that expense. He had believed it was most mischievous, and that for every slave that would, but for th e i r i nterference, have been destroyed on the coast of Af r i ca, they were at that moment the murderers of so me 50 ,000 or 60,000. So fix from the cause of humanity h av i ng in any way been served by their proceedin gs an d so-called precautions on the coast of Africa, the slaves Wert ttbw crowded in smaller ves sels than ever before were used, and the horrors con tinually perpetrated for the purpose of avoiding detec tion exceeded anything that had ever been known even in the worst days of the slave trade. That trade had become it mere matter of smuggling—man smuggling— and, while he agreed heartily with those who said that it ought to be put down, no matter at what cost, he protested against the absurd course they were at this moment taking to attain that philanthropic end. Let those measures be at once adopted which would make free labour Cheaper than slave labour and their purpose was accomplished.—(Hear.) He meat entirely agreed with the Noble Lord at the head of the Government in thinking that this was one of those ordinary and occa sional calamities which, be their legislation what it might, would be perpetually checking the , progress of a country situated as was England. The point was to as certain in this instance what was the real as well as the proximate cause of the disaster. He bated all restric tions on banks; ho was for freo trade in that as in every other direction—(Hear, hear.) He had stated, at the time when the Act of 1844 was under discussion, that it was bad in principle, because it pretended to provide a standard, and did, in effect, make the bank of issue a separate establishment, and he had then prophecied, what had since proved true, that it would utterly fail in obviating such a season of distress as this at certain in tervals. It seemed to him the most inexcusable incon sistency to grant to every man in the kingdom power to pursue any particular trade or trades without restraint and then, at the same moment, to limit ruinously those exchanges by which only any negotiations could be car ried on. He was not of opinion, nevertheless, that the recent measure of the Government was a wise one. It had practically had little effect beyond removing an un founded degree of distrust and alarm ; it had not added one shilling to the capital of the country and no man in reality found himself one whit the richer in conse quence. He therefore regretted that, great as the emer gency was, the Government had had recourse to such an invasion, not to say infringement of the law; the prece dent was bad, and if often followed would leave them without any security at all for the stability of systems which had been deliberately approved of by the nation.— (Hear, hear.) Though not approving of this part of the policy of her Majesty's Ministers, he would not op pose the Address. It was with the greatest satisfaction he had listened to the explanation of the Noble Lord that he was opposed to asking from Parliament any ex traordinary powers for the enforcement of the law upon the population of various districts in Ireland. lie (Mr. Hume) had, throughout, resisted every attempt to over awe a people, and to maintain that profitless syste m o f coercion in which statesmen once found their only re source. He cordially concurred in all the observations made on this subject the preceding evening by the lion. Member for Northamptonshire (Mr. Stafford). Cer tainly that House was called upon to grant to the Go vernment every assistance in putting down the crimes in passing i which disgraced some part s o f I re l an d—(hear, h ear )— and it would be th e i r d u ty also, measures of that nature, t o t a k e into consider. ation the means which were wanting to ensure the future and permanent prosperity of that country.— (Hear, hear.) In the Speech addressed to Parliament last session by her Majesty she directed attention to the " permanent condition of Ireland ;" in the Speech of this session not one word was said upon that topic ; and this omission would lead to the belief that nothing was intended to be done for the permanent establish ment of order and the effectual creation of wealth in the sister kingdom. An lion. Gentleman had alluded to the state of the church in Ireland. Thirty years ago he (Mr. Hume) had spoken of the abolition of the Esta blishment in Ireland as the only remedy for the discon tent of the majority of the people ; and if so late as 1824 that step had been taken, if the privileges con ceded to Scotland and England were extended to Ire land, and if the Roman Catholics, as the majority, had been relieved from the predominance of the religion of the minority, there would mow have been no cry for the repeal of the union. The Protestant Members of Parlia ment were the most strenuous in their opposition to such a course; they said, " We who have property in Ireland know best, let us alone ; we are the proper judges of what is wanted." They had been left alone, and what was the result? Why that th at property hadbeen swept away or rendered unproductive, which, had the people been contented, happy, and prosperous, would have in creased tenfold in value.—(gear, hear.) This, then, was the time to get rid of the all-absorbing evil of Ireland. Let the Church Establishment be at once got rid of, and let the people be placed on the same footing and equality as the people of England. It would be with great reluctance that he would be induced to give his consent to a Coercion Bill, and the only reason why he would give up his aversion to such a course was the con fidence he placed in the Earl of Clarendon. The conduct of that Nobleman in Ireland had been admirable, and he was assuredly as fit to be entrusted with extraordinary powers as any Viceroy he (Mr. Hume) had seen in his time. It was a matter o f regret that the Noble Lord in the course of his speech h a d not given the House some account of the result of our interference with Por tugal and of our proceedings in Spain.—(Hear, hear.) Perhaps the Noble Lord at the head of the Foreign office was sorry that h e h ad not left his neighbours to fight out their own quarrels ; and if he would look to the history of the last nine or ten years, he would find that in every case in which we had intermeddled with the internal concerns of neighbouring countries to the neglect of our own, whatever might be the momentary éclat attending our generosity, permanent and essential injury had been done both to the people interested and to ourselves.—(Cheers.) And then it was well to re member that we could not afford such interference. The fleet which we were now maintaining in the Tagus for the support of the rotten Government of Portugal-- (Hear, hear)—cost us at least 1,000,000/ a-year ; and the expenses of our navy, which was principally in requisition by other powers, were at this moment most unreasonably high. In conclusion, he begged to say that with these reservations he would agree to the Address, and to the report; and he trusted in a short time to see, by the co - operation of the Government with the industrious people of this country, our trade again flourishing, and our prosperity as well founded and undoubted as it had been three years ago. Mr. G. BANKES regretted that the Hon. Member for Montrose had not mentioned some of those nations which he declared were so anxious to follow our example, and to reciprocate with us the blessings of free trade. The Republic of the Equator might probably be induced to imitate us; but where was the second?—(Hear, hear.) The Right Hon. Gentleman the Member for Tamworth, in introducing his measures, had promised us the alliance and assistance of Naples and Prussia, and that was aIL Prussia, it was announced, was already shaken ; and Naples, even then, had entered into a treaty of recipro city. The state of Naples, events had proved, was not in a condition greatly to benefit us; and if Prussia was really shaken it shook as the needle did, returning ever to the pole—that pole being its own interest, and that beyond result, beY though it m i ght b e Naples, j u d g i ng interest consisting in a hostile tariff.—(gear, hear.) I n the absence, then, of any decided inf ormat i on as to those nations which had been influenced by our policy, and p l any esby hopes the admitted the experiment was not yet f u ll y tr i ed, they of unable free-trade entertain princi (the Protectionists) must be permitted to say that the prophecies which were so liberally indulged in at the time of the passing of free-trade measures had been most signally falsified.—(Hear, hear.) They were told they might expect all speculation in corn to be put an end to, uniformity in price to be secured, and an exportation of our manufactures in pro- portion to the quantity of food they imported. How had these predictions been fulfilled? The first houses that had failed, and that had opened this career of calamity, had been in the corn trade, and were those houses whose fate was so well deserved!—(Hear.) At no time, in fact in the history of trade, had there been such speculation in corn as immediately after the consent of Parliament had been given to a trial of free trade, and so far there fore their hopes had been grievously disappointed. At no time had there been greater fluctuations in prices -455. in August, and 120 s. in May—and as to the third prophecy, how lamentably had it been demonstrated to be false. The Right Hon. Baronet promised that if foreign corn was poured in on them, the increase in the exportation of articles of their own manufacture should be proportionate, and when it was urged that we would have to pay in gold, the reply was, " So much the better." Was it so much the better? Had our manu factures gone forth?—(" They have.") Have they?— at what price?—(Laughter.) Surely that was some element in the calculations cf nialluteeluiens-- : ::urely it \vas also of some conztquenee to the Qixrative if lit; the same quantity of gold he had to exchange twice as much of the manufactured article as formerly.—(Cheers.) The price was to be considered; by that price they had lost, and from the loss every inhabitant of the manufacturing districts was now suf • fering. For these reasons ho was entitled to say that their free-trade prophecies so far had failed. Another signal proof of the shortsightedness of their vaticina t dons wns to be found in the working of the Bank Charter Act. It was declared with regard to that panic of 1825, adverted to by the Hon. Member for Montrose, that such a calamity could never recur while the Act of 1844 was in operation. Yet, after three years, after a full trial had been given to it, and despite such a wholesome re medial measure, another season of panic, more ruinous than any which preceded, had startled them, and that Government, some Members of which—the Chancellor of the Exchequer certainly—were disciples of the Right Honourable Baronet (Sir R. Peel), had found it neces sary in a temporary pressure to give way, and to suspend a measure which, instead of preventing calamity. only increased commercial distress when it was occa sioned.—(Hear.) The Hon. Member for Montrose din not appear to think that suspension had done any good beyond restoring credit. Why, a country lilt© this lived upon credit. An eminent statesman had said in that House, that credit, if not the sun, was at least the sunshine. Their sun was now gone, for their gold, under the operation of their law, had been all exported, and they must look for their sunshine in whatever quarter they thought it likely to be found.— (Cries of "Bear, hear.") lie was of opinion the Go vernment had done well in getting that little degree of credit for the nation; they had, indeed, much to answer for that they had not done so much sooner, before a number of great firms had fallen. Was it for the Go vernment to select who should and who should not fall? The Honourable Member for Montrose had said that there were some ten or twelve of these firms that ought not to have stood—that ought to have given way sooner; but would the Government adopt that line of argument? If that had been their policy, let them say so; but, if not, they were answerable to these mercantile houses, and to the people who were dependent upon them, for the ruin they had allowed to fall upon the m . —(H ear. hear.) The - Right lion. Baronet, the Home Secretary, was understood to deny the statement that had appeared in the public papers, to the effect that he, as the repre sentative of one of the northern counties, had been the immediate cause and instrument of the very proper pro ceeding which the Government had taken, but which they had resisted so long, standing out against all other applications from London, from Liverpool, from New castle, and other places, but yielding at last to the urgency of those connected with the col lieries.—(Hear, hear.) No one who knew the Right lion. Baronet could for one moment suppose that ho had been impelled by any but the most honourable motives in any share he might have had in the course taken by the Government—(Cheering)—there must have been some peculiar urgency to induce the Government to do at once what they had before refused so obstinately and denyingly. The House ought to have heard from the Noble Lord, and ought that night to hear from one of the members of the Government, what had been the peculiar circumstances which had led them at last to do what they had refused at first ; and also why, when once they thought that course right, they had not taken it sooner.—(Hear, hear.) The lion. Member for Mon trose had blamed the Government for having violated the law, but the Hon. Member was a supper ter of the present Government ; and if he continued to support them, he must make up his mind to get used to such violations; for twice during the two years they had been `n office, when the Right Hon. Gentleman the President of the Board of Trade was Chief Secretary for Ireland, last year, he had taken upon himself a responsibility of that kind, and now the Right Hon. the Chancellor of the Exchequer had taken the same course. The Honourable Member for Montrose must lecture his friends if he was so particular as to violations of the law, for it had not happened to any Ministry, he (Mr. Bankes) recollected, that twice within two years they should have taken upon themselves the responsibility of acting contrary to the express dictates of the law. He was, however, ready to give his sanction to the violation of the law in this case, and perhaps he might be ready to go further than a temporary violation.—(Hear, hear.) He had no doubt that a great degree of additional cala mity had been prevented by the degree of credit given by the knowledge that the law might be violated. The allusion to this matter had, moreover, been introduced into her Majesty's Speech in a very unusual and un precedented way; for her Majesty was made to appear the original propounder of this proposition of disobe dience to the law. The words in the Speech were—" Her Majesty, for the purpose of restoring confidence, autho rised her Ministers to recommend to the directors of the Bank of England a course of proceeding suited to such an emergency." Now, he should have thought that the proper expression to have used was the common one, that the advisers of the Queen had submitted to her Majesty the propriety of departing in this case from the Parliamentary enactment. Ile observed by the papers that it was reported to have been stated in another place that this course of violating the law had been taken at the recommendation of two Ministers only, and was not the act of all the Government. However that might be, he believed the public would not quarrel with the proceeding, except that part of it which recom reended that a high rate of interest should be charged. Ile inconvenience arising from that recommendation had been very extensively felt, and that was another reason why the name of the Sovereign should not have been used in this universal manner, coupled with a transaction which, so far as the usurious rate of interest was con eerned, might be unpopular. With respect to the Bank Charter Act, the ultimate determination of the Govern ment was not yet known, but the House had heard from the Right Hon. the Chancellor of the Exchequer, that while Parliament was sitting things were to go on as they now were, because if a difficulty arose the Legisla ture could interfere; but the Right Hon. Gentleman had not declared whether towards the end of the session he would require from Parliament a conditional permission for the relaxation of the law. The Government could hardly be entitled again to ask for such an indulgence if they allowed the whole session to go on leaving the Act in its present state. Whether an explanation of what the Government intended to do with respect to the Bank Charter Act was to form a part of the statement of next Tuesday, the Right Hon. Gentleman the Chan cellor of the Exchequer had not stated; but it was to be hoped that the Government would at once answer at least these questions:—What was the peculiar ground which had induced them to relax this Act of Parliament? and why they had not relaxed it sooner?—(llear, hear.) Mr. LABOUCHERE—The Hon. Gentleman who has just sat down reminded the Government that it had g b e o e v n e r t n h m e i e r n t f , a o e , b d e u o r i b n l g i g e t h d e , o t I n v o t w years a t a e y t e h o a e d e a I s i i e o l n d s the to exceed the law. It would ill become me to speak lightly of an infringement of the law of the land by the Government; but, on the other hand, I am not prepared to say, if it should be the fate of the Government to be a third year in office, and if circumstances should again arise which should, in their opinion, render it necessary for them to take upon themselves the responsibility of exceeding the law, that they would fear to do so— (Cheers)—and then throw themselves upon the judg ment of the Parliament of England.—(Hear, hear.) That is the only answer I shall make to the observation of the Hon. Gentleman, which I apprehend was meant for a taunt. The last two years were marked by extra ordinary circumstances. The first occasion to which the Hon. Gentleman alluded, when I had the honour to hold the office of Chief Secretary for Ireland, was marked by peculiar calamity affecting that part of the empire. —(Hear, hear.) The present occasion, which we have met now to consider, has been marked by great and widely spread misfortune, affecting the commercial classes of this country; and I should be ashamed of the Government if, upon either of those two occasions, they had shrunk from taking upon themselves the duty and the responsibility which are attached to the offices they hold, which are necessary for the public service; or if they had hesitated in putting in exercise any power they might possess to stay the progress of the evil. I do not conceive it is necessary for me to anticipate now that discussion which will far more regularly and pro perly oome on when my Right Hon. Friend the Chan cellor of the Exchequer will state to the House all the circumstances and reasons which led to the course which the Government adopted with regard to that communi cation with the Bank of England. But when the Hon. Member for Dorchester says—" Answer me at least one question; tell me why was this step by the Government taken at this particular time; neither sooner nor later?" —I think he must see,—the House at least, on a mo ment's reflection, will see, that it would be utterly im possible for my Right Hon. Friend, or any member of the Government to answer that question without going into the whole circumstances of tne case.—(Hear, hear.) And, as my Right Hon. Friend has promised the House to make his statement on a day no more distant than Tuesday, I hope the Hon. Member for Dorchester will restrain his impatience, and not ask the Government to do that which they cannot possibly do without at once opening a wide field of discussion. I should not have trespassed upon the House had it not been for some of tho observations of the Hon. Member who has just sat down, and other remarks of a similar charac ter. I had hoped that the speech of my Noble Friend at the head of the Government had disposed of all that part of the discussion which attempted to connect the recent commercial distress with what some Hon. Gentlemen are pleased to term the utter failure of free-trade policy.—(Cheers.) But all that the Hon. Gentleman opposite has advanced under that head amounts only to this—that you have recently adopted free-trade principles, and it does so happen that in the course of the present year there has been a time of great commercial embarrassment and distress. But II must say that some of the observations made by the lion. Gentleman regarding the supposed failure of free trade policy did appear to me to bo very strongly in favour of that policy. Think of the effect of introducing such a large quantity of grain! 10,000,000 quarters! Why, the answer to that is, we very much wanted all this grain.—(Cheers.) One would think that the most scandalous and wasteful expenditure of our money had taken place in the purchase of this grain; but tho lion. Gentleman might as well argue that a man had brought himself to ruin who had spent his money in the baker's shop to purchase bread for his children.—(lioar, hear.) It is a remarkable circumstance, and ono which I view in a very different light to the Hon. Gentleman, that in a time of most appalling calamity in Ireland, when, by a visitation of Providence, the supply of the usual food was cut off, the riches, the energy, the credit of this country should have attracted towards its shores this unusual import of food. In the whole com mercial history of this country, I say, I know of nothing which strikes me more forcibly with an impression of the power of uncontrolled trade than this enormous supply of human food.—(Dear.) The lion. Gentleman has challenged us to show an instance in which foreign nations have followed our example in free trade; but he has not, I think, observed the conduct ~f foreign nations with care and accuracy, or he would not have so spoken. My own conviction is that the example of this country has produced most remarkable remits upon the conduct of foreign nations.—(Cheers.) If I were no w entering fully into the subject I could show that many countries have made the most important modifications in their tariffs to the advantage of this country by the reduction of duties; but I will not now go into any.memoirs upt n that point further than to mention one instance—:hat of the United States of America.—( Hear, hear.) It was only in December last that the Legislature of the United States revised their whole tariff, and made the most important reductions in it; and everybody acquainted with the circumstances of that country knows that the party which pressed for these reductions, and carried them, were mainly assisted by being able to say, " England has altered her corn laws, and has shown a disposition to favour the com merce of the United States."—(Hear, hear.) I really feel that I ought not to allow myself to be dragged into a wide field of discussion on the present occasion. At the same time, having heard such confident assertions made by the lion. Gentleman and others, on the opposite side of, the House, with respect to the utter failure of the measures ~f free trade, as exemplified in the history of the last three or four years—believing as I do that there is no 'oundation in fact for making such assertions, and feeling certain that whenever those Hon. Gentlemen shall, Instead of vague assertions, venture to place their propo sitions in a tangible shape before the House, and bring forward something like proofs in their support, they will altogether fail in so doing, I felt it my duty to enter my protest against the assertions which have been brought torward in this discussion, and having done so I hope the House will now proceed to receive the report on the Address.—(hear, hear.) Mr. NEWDEGATE had been led to hope by the speech of the Right Hon. Gentleman, the President of the Board of Trade, that he would take pity on the ignorance of the House, and help to enlighten them on the subject of free trade. A few months ago he (Mr. Newdegate) moved an Address to the Crown for returns showing the changes which had occurred in the tariffs of foreign countries since the recent change in our customs' duties, but to this moment those returns had never been produced, and he had consequently been driven to this conclusion—either that her Majesty's Ministers intended to refuse to grant those returns, or that they were not aware what changes had taken place in the tariffs of foreign countries. As he had been informed, how ever, that an Address to the Crown did not ter minate with a bygone Parliament, he was still in inclined to hope, especially after the speech of the Right Hon Gentleman (Mr. Labouchere), that ere long Par liament would be informed what changes had occurred in foreign tariffs in consequence of the relaxation in ours. The Right Hon. Gentleman had also announced, that although Government had twice violated the law within two years, they were prepared to violate it again if necessary. He thought it most unfortunate that Go vernment should have allowed so many large and im portant firms to fail before they suspended the Bank Charter Act. He had seen a list of no fewer than 117 large and important houses which had stopped payment, and that list was not complete. The names of some of these firms were Alexander, Lesley, and Co.; Douglas and Co.; Sanderson and Co.; Reid, Irving, and Co.; Nephews Gower and Co. ; Perkins, Mullens, and Co ; Barclay Brothers and Co. ; Trueman, Cook, and Co. ; Robinson and Co. ; the Abingdon Bank, the Liverpool Banking Company, the Newcastle Bank, and the Royal Bank of Liverpool. He hoped the House would not be led away from the consideration of the grave circumstances of the country by the loose assertions which were made respecting the insolvency of many of these houses. Had not certain changes taken place in the legislation of the country ? Would it be asserted that the West Indian houses would have failed had not their property been undermined by the changes which had been made in the customs' duties of our country ? (Hear, hear.) Or would it be boldly asserted that these houses had experience previous to the present time of the pressure which had occurred under the restrictions of the Bank Charter Act ? He was surprised that the tone of the Right Hon. Gentle man, the President of the Board of Trade, was so cheerful ; for if there was any department of the Government the representative of which ought to be in mourning it was that Right Hon. Gentleman. What were the accounts from Manchester ? By the last accounts it appeared that there were 20,000 men out of employment.—(Hear.) And every day brought accounts of more distrust, more mills closed, more operatives being thrown out of employment in other districts.— (Hear.) For the Government to deny the connexion between this state of things and free trade, was, he thought, to attribute inefficacy to their own measure. He remembered last May hearing the Hon. Member for the Tower Hamlets say, that it was an odd and alarm ing circumstance that during the period when the im ports of corn were enormous, there was at the same time a large increase in the import of articles of inferior necessity ; and he feared it would have a serious effect on the balance of trade. It had a serious effect.—(Hear.) The Noble Lord the Member for Lynn did not for a mo ment attribute the whole pressure to the mere action of free trade upon ordinary circumstances ; but when they had it shown by documents before the House that there was increased importation in other articles besides corn, how the Right lion. Gentleman, the President of the Board of Trade, could say that the free-trade measures had nothing to do with the present difficulties, surpassed his poor understanding. He must say, too, that She Noble Lord at the head of the Government, in his poor understanding, had rather evaded answering the power ful address of the Noble Lord the Member for Lynn, who opened the debate. He (Mr. Newdegate) recollected an expression which the Noble Lord had used towards him last session, when he had counted out the House upon the debate on the affairs of Portugal, that his rescue of the Hon. Member for Montrose from the re sult of a division on that occasion was something like the proceedings of a goddess of ancient days, who in volved her hero in a cloud and carried him off into ob scurity.—(Laughter.) lie (Mr. Newdegate) thought that the Noble Lord had on the present occasion involved himself in obscurity. He would have them believe that it had reached even his understanding. The Noble Lord had professed himself unable to understand the proposition of the Noble Lord the Member for Lynn, who attributed the export of bullion to the necessary importation of corn, aggravated by the increased importation of other articles; he said he was surprised that the Noble Lord should complain of the low price of cotton at Liverpool, which had been produced by free importation. Really this was asking the House to believe that the Noble Lord was less able than they all knew him to be. The proposition of the Noble Lord (Lord G. Bentinck) was this ; the exportation of gold destroyed credit by the restriction which was placed on it by the Bank Charter Act. This destruction of credit artificially reduced the price of cotton, which was pur chased by those states whose credit was unimpaired, while it was useless to our own manufacturers, who were unable to buy it.—(hear.) The Honourable Member for Montrose had said that many of the houses who had recently failed were houses which ought to have fallen, and he was sorry that more of them bad not come down. Was that the way they were to deal with those upon whose speculations the whole free-trade measures were founded? Was that the way they were to deal with that credit which alone could bring those exports which produced the balance of trade, and save us from continual exports of bullion ? He had seen in the public papers expressions about " sweeping away false credit, and destroying houses which ought not to stand," and about " bringing credit as frequently as pos sible to the test of capital." What must be the end of such a system ? What but the reduction of the means to meet the effects of the free-trade legislation which had been adopted by the House ? He not only regretted to have heard such expressions as those he had referred to applied by some public journals to the commercial men who were pressed upon by the exigencies of the times, but he had seen language used tending to harden the hearts of our fellow countrymen against the pro gressive distress of the working classes. He found the following remarks in the Spectator of last week : " The worst dark spot in the prospect for the winter lies in the discharge of railway labourers. These men are not numerous enough, perhaps, to impart anything of as insurrectionary character to the disturbances which they are sure to create in want and idleness ; but they are strong, brutal men—they have been pam pered, they will feel the pinch of destitution, and will be doubly exasperated by the appetite for enjoyment, and the gnawing of hunger in their robust and angry stomachs. Crime will abound this winter—crimes of violence and hateful excesses; and extraordinary pre cautions must be taken to check the lawless, if we would not have the horrors of stormed cities in our towns and rural districts." Was this the doctrine of those who professed political economy? If it was at the suggestion of the Home Se cretary that Government had agreed to relax the pro visions of the Bank Charter Act, the Right Hon. Baronet had added another to the many services for which the country was indebted to him.—(Hear, hear.) After a few words from Mr. SCOTT, who said that every subject which had been brought forward was a verdict against the Go vernment, and that the distress during the winter would increase instead of diminish, owing to the want of employment, The report upon the address was then brought up, read, and agreed to, and ordered to be presented to her Majesty by the mover and seconder, and such Members of the House as were of her Majesty's Privy Council. The House then adjourned at a quarter to Ten o'clock. The Earl of Bessborough did not second the Address in the House of Lords on Tuesday night. It was Lord Elphinstone who did so. The Earl of Bess borough is at present in Ireland. Count Kielmansegge, the Hanoverian Minister, has arrived in town from the continent. __ THE HEBREW CHAIR OF EDINBURGH UNIVERSITY. —We learn that in consequence of the interlocutor which has been pronounced by Lord Robertson, interdicting Professor Macdouall from exercising the functions of Pro fessor of Hebrew in the University, notes have been pre ' rented to the Lord Ordinary by the agents for the magis trate and the professor, to prohibit the clerk of the bills from issuing the certificate of the interdict and the passing of the note; so that the case will in this way come immediately before the inner House, where Lord Robertson's judgment w ill be reviewed. We also understand that the reclaiming note for the Presbytery will not be taken up till after these notes are boxed, which in all likelihood will be the case in a few days.—Caledonion Mereurv. [ADVERTISEMENT.] —ANO THFR , EXTRAORDINARY CURE OF ASTII3I4. BY HOLLOWAY'S Plus. —Patrick umon-place, Casey, residing at No. 1, Brunswick square, had suffered from a chronic asthma for more than three years. This poor man w as so great a sufferer that he did not dar h etog - o to bed f or f ear of the phlegm choking him ; inde ed upon a tabl e f ur half an could no t even lay his head an hour lest he should be suffocated. Nevertheless, this person is now labouring from morning to night, sleeps as we ll as ever h e did i n of Hollo Is'-a Y 's Pi . fact is completely c ure d by th e use lls. Sold by all Druggists, and at Professor Holloway's Establishment, 244, Strand, Lndoz, FROM THE LONDON GAZETTE Or' TUESDAY. DIVIDENDS. At the Court, Basinghall-street. J. T. Hazard, College-hill, paper agent, Dee. 14, at eleven —J. Reay and J, R. Reay, Mark-lane, wine merchants, Dec. 18, at eleven—J. Elliott, D a b entry, Northamptonshire, victualler, Dec. 16, at half-past o.ne— T. Marriott, Moor-street, Seven dials, licensed victualler, Dec. 16, at twelve. hi t he Manchester,Country. Rosetta Edersheim, draper, Dec. 14, at eleven, at the Court, Manche t T oafl ld Manchester-T. er- .C r e , sen., Kirkham, Lancets!'" ire,linen draper, Dec. 15, at twelve, at the Court, Manchester-G. BartonandJ. rton B a rton, Manchester, copper roller manufacturers, Dec 15 at eleven, at the Court, Manchester -J. and S. Knight,. Mold, Flintshire, bankers, D ec . 15 , at n, at tele h eleven, Court., Liverpool-A. Smith, Liverpool, merc hant, 15, at eleven , at the Court, Liverpool p Heap , ed. Roberts, and W. Roberts, Padiham, Lancashire, I. spinners, Dec. 17, at eleven, at the Court, o manche o ste t r tots W. Townley, Blackburn, cotton spinner, Dee. 17, at eleven, at the Court, Manchester-J. Collins and J. Col lins, Bath, jewellers, Dec. 17, at twelve, at the Court, Bristol-C. Taylor and T. Hawkey, Monkwearmonth shore, Durham Dec. 14, at one, at the Court, Newcastle upon-Tyne-i. Sword, Newcastle-upon Tyne, dreper, Dec. 16. at twelve, at the Court , Newcastle-upon-Tyea -J. Burnett, Sunderland, hosier, Dec. 16, at one, at *la Court, Newcastle-upon-Tyne-W.. Oliver, Darlington, printer, Dec. 16, at eleven, at the Court, Newcastle apon-Tyne-E. D. Hall, Walsall, currier, Doc. 18, at twelve, at the Court, Birmingham-W. Hardwick, Leeds, auctioneer, Dec. 14, at eleven, at the Court, Leeds. PAYMENT OF DIVIDENDS. J. Thuell and W. Jeffery, Buckfastleigh, Devonshire, woollen manufacturers, hs., any Tuesday after Nov, 23, between the hours of eleven and three, at the office of Mr. Hirtzel, Exeter. J. Thuell, Broadhempstone, Devonshire, !Amer, 4s. 3d., any Tuesday after Nov. 23, between the .hours of eleven and two, at'the office of Mr. Hirtzel, Exeter: T. Hill, Liverpool, ironmonger, 6d., on Thursday; Nov. 25, or any subsequent Thursday, between the hours of eleven and two, at the office of Mr. Cazenove, Liverpool. T. Davies, Liverpool, merchant, 45., on Thursday, Nov. 25, or any subsequent Thursday, between the hours of eleven And two, A t the office of Mr. Cazenove, Liverpool. J. R. Henderson, Leicester, wine merchant, 9d., on Saturday, Nov. 27, and Saturday, Dec. 4, and subse quently on every alternate Saturday, between the hours of eleven and three, at the office of Mr. Bittleston, Not tingham. W. F. Westall, Manchester, hotel keeper, ss. on Tuesday, Nov. 23, and every following Tuesday, between the hours of ten and one, at the office of Mr. Hobson, Manchester. W. Wain, Manchester, pocket-book maker and ate. Honer, 4s. 5d., on Tuesday, Nov. 23, and every following Tuesday, between the hours of ten and two, at the office of Mr. Hobson, Manchester. Wallis, Oxford- street, woollen-draper, 35., any Wednesday, between the hours of eleven and three, at the office of Mr. Whitmore, Basingball-street. L. Logsdon, Barnet, Hertfordsl2ire, coach builder, is. 4id., any Wednesday, between the hours of eleven and three, at the office of Mr. Whitmore, Basin/hall street. NOTICES OF CERTIFICATES. At the Court, Basinghall-street. G. Frost, Leadenhall-street, City, cutler, Dec. 14, at twelve-F. Cornell, Halstead, Essex, ironmong er, Dec. 14, at eleven-W. Norris, .Cambridge Villas, Great College-street, Camden New Town, builder, Dec. 16, at eleven-T. Byers, Upper Lisson-street, Lissom-grove, St. Marylebone, licensed victualler, Dec. 14, at one-C. Houghton, Dudley-grove, Paddington, ironmong.er, Dec. 14, at one-T. H. Pindar, Southampton, Chelten:- and Gloucester, tailor and draper, Dec. 14, at two-a.- Harmer, Spital-square, silk manufacturer, Dec. 14, at one-B. Stock, Margate, innkeeper, December 15, at two-R. Law, Portland-row, Camberwell, pawn-- broker, Dec. 14, at half-past twelve-J. Dunlop, Dover road, and Trindon, Durham, coal merchant, Dec. 14, at twelve-J. Ross, Great Tower-street, City, grocer, Dec. 16, at half-past twelve -J. Richardson, Union-street, Spitalfields, glass, china, and earthenware dealer, Dec. 16, at twelve-S. Hocken, Cornwall Villas, Alb:nn-road, Queen's-road, Dalston, builder, Dec. 16, at twelve. In the Country. W. Jerrens, jun., Gainsborough, Lincolnshite, grocer', Dec. 15, at eleven, at the Town-hall, Kingston-upon- - Hull-J. Rippon, Bristol, baker, Dec. 20, at eleven, at' the Court, Bristol-J. Sharples, jun., Daisy-field, Lan cashire, cotton-spinner, Dec. 16, at twelve, at the Court, Manchester-S. Owen, Liverpool, flour-dealer, Dec. 15, at eleven, at the Court, Liverpool-J. Shakeihaft, mere, Cheshire, licensed victualler and builder', Dec. 15, at eleven, at the Court, Liverpool-C. W. Mayne, Leeds, tobacco-manufacturer, Dec. 16, at eleven, at the Court, Leeds-W. Sampson, Sheffield, wholesale spirit- mer chant, Dec. 17, at ten, at the Council-hall, Sheffief4- B. Organ, Westbromwich, Staffordshire, soda- water manufacturer, Dec. 18, at twelve, at the Court, Birming.' ham-R. Linell, Shrewsbury, grocer, Dec. 15, at twelve, at the Court, Birmingham. At the Court of Review, Dec. 14. I Ilagg; Colchester, tailor-J. Jones Birkenhead. Cheshire, chynist and druggist-J. T. Hobson, Lieke pool, drysalter-T. H. Pullen, Sheffield, hosier-J.. Ward, Birmingham, dealer in glass-E. Cook, Little Newport-street, Soho, grocer-T. Kemp, Tranmere, Cheshire, joiner and builder-C. Jones, Birkenhead, Cheshire, printer-H. Woodhouse, Aldermanbury, City, warehouseman-A. Denholm, Queen-street, Stepney, linendraper. PARTNERSHIPS DISSOLVED. 11. R. Cottam :and J. Aspinall, Birkenhead, iron founders-G. Wyatt and B. Powl, Bloomfield-street, wholesale tea and coffee dealers-G. Nutting, G. C. Lawson, and W. L. Wood, Great Tichfield-street, pianoforte manufacturers (as far as regards W. L. Wood) -J. Eaves and R. Eaves, Liverpool, ship bread bakers -J. Foster and W. Beal, Plymouth, timber merchants and cabinetmakers-W. Eades, sen., and W. Eades, jun., Birmingham, machinists and lathe tool manufacturers- R. J. Wallis and T. Cook, Loughborough, wine and spirit merchants-J. D. Howard and W. Wadham, cop persmiths and brassfounders-P. Foueard and W. Tuck well, Greenwich, stone merchants-T. James and it Bullock, Uxbridge, surgeons, apothecaries, and ac coucheurs-H. Pritchard and J. Parry, Bangor, drapers and mercers-C. Millar and A. Eccles, Northwich, Cheshire, surgeons, apothecaries, and aceoucheurs-F. Sard and J. Blunn, Leamington Priors, Warwickshire, hatters, hosiers, and outfitters-J. HoLlingsworth and AL Jones, Birmingham, woollen warehousemen-IL Badcock, R. Badcock, and J. Badcock, jell., Tunton, bankers (as far as regards J. Badcock , jun.). -D. aDodg son and T. Mann, Leeds, flax and hemp drOssers-D. Coke. E. T. Coke, and J. Salmond, Derbyshire .and Not tinghamshire, coal masters and coal vendors (a. -far as regards D'Ewes Coke-J. A. Coleman and IL Wee ton, Maidstone, chemists and druggists-E. Greaves and D. Una, Manchester, merchants and commission agent---- M. J. M. Fawcett and W. Hadfield, Sheffield, anvil makers-B. Falciola and A. Casartelli, Birmingham, carvers and gilders-J. C. Cockerel' and W. H. Hoard, Conduit-street, Bond-street, auctioneers, surveyors, and land agents-W. B. Bairstow and B. Bairstow, Wake. field, coal merchants-J. Naters and H. T. Naters, Newcastle-upon-Tyne, G. A. Walker and J. H. Charnock, Wakefield, and J. B. Denton, Gray's Inn-square, drain ing tile and brick company-T. Harris and S. Yardley, Wood-street, Clerkenwell-J. Fox and D. O'Connell, Chamber-street, Goodman's-fields, oil and Italian ware housemen. INSOLVENT PETITIONERS. Richard Veevers, Manchester, superintendent of work house. William Barker, Bramhope, Yorkshire, journeyman stone mason. • Richard Nuttall, Little Leyer, Lancashire, provision dealer and shoemaker. Samuel Williams, Donhead St. Mary, Wiltshire, clerk. James Bayly Smith, Everton, Lancashire, excise officer Thomas Morris, Liverpool. Edward Hulbert, Bootle, near Liverpool, clerk. John Lockwood, Liverpool, tailor and draper. William Henry Connery, Liverpool. Edmund Ils,nxwell, Manchester, joiner. William Morris, Bridgwater, saddler. Jacob Stevens, Bridgwater, tailor and beer -housekeeper. Henry Hicks, Tiverton, tinman. William Haythorn White, Sheerness, surgeon. Ann Smith, Milton, Kent, boot And shoemaker. Hanson Irving, Bradford, Yorkshire, paL,;lior• Samuel Nettleton, Leeds. - Thomas Sheppard, Northampton, engineez: James Willyams Grylls, Redruth, Cornwall , SCOTCH SEQUESTRATIONS. eL le So d u ea th ler M an e d an fa ec rin ht e , Aberdeen, M93 J. and J. Gibb, Hamilton, builders,. to Meet, Nov. ..5 Dec. 23, at one, within the Royal Hotel, Aberdeet_t_. AtobnieredeetenLhvi.7, 5 a w l and Dec. 16, at twelve, within the writing chAmbers of A. Currie, Hamilton. D. Ross and G. Matthews, Glasgow, merchants, to meet, Nov. 27 and Dec. 20, at twelve, within the writing chambers of R. Walker, Glasgow. R. Gilmour and T. Waters, Glasgow, timber mer c hants, to meet, Nov. 3 0 and Dec. 21, at t we l ve, w i th i n the writing chambers of Messrs. G. and A. Young, Glasgow.W. Crawford, Gl asgow, wrights and builders, to m Nov. 29 and D ec . 20, at twelve, within the nt, J. ee nd writing chambers of Messrs. G. and A. Young, Glasgow. W. Newlands and Nov.. M'N a b , Glasgow, provision merchants, to meet, N 30 and Dec. 21, at twelve, within the writing chambers of H. Walker, Glasgow. W. Mitchison, Glasgow, pi anoforte merchant and m w i u t s h i i c n s t e h l l e e r s , to ar meet, Nov. 25 s w and Dec. 16, at twelve, R. Williamson, Stromness, innkeeper, to meet, Dec. 1 and 27, at t we l ve, within the office of Stromness.A. I. Wylie, writer, Nov.l V. 29 and l itehell, Montrose, gra i n merc h ant , to mee t Dec. 20, at eleven, within the Star Hotel Montrose. M. Skeoch, Sighthill, near Glasgow, rope and sail manufacturer, to meet Nov. 30 an d D ec . 21, at twelve, within the office of W. Mathison, writer, Glasgow. W. and T. Baird, Leith, wool merchants, to meet, Nov. 26 and Dec. 21, at two, within the Royal Exchange Coffeehouse, Edinburgh. Rainey, Jarvie, and Co., Glasgow, agents and mane. facturers, to meet, Nov. 27 and Dec. Is, at twelve, within the writing chambers of Messrs. Mein and Cunningham, Glasgow. R. Stewart, Kirkaldy, manufacturer, to meet, Nov, 27 and Dec. 18, at twel ve, within the writing chamber s of Messrs. Tosh and Gibson, Kirkaldy. W. Bain, Helensburgh, wright, to meet, Nov, 29 and Dec. 20, at twelve, within the Tontine Hotel, H e l ens ,. burgh. Mr. Grenfell, M.P., had an interview nith Sir George Grey yesterday at the Home-office, I i