The British Press; or, Morning Literary Advertiser.
London, England, 1826-03-01 00:00:00

lilJ7l' O\T6AI.g IN IRELAND.

Mr. BROWN 1,011; presented a petition from the Chamber of
Commerce in Ballot, praying for a repeal in the duty ou coals
Ordered to be printed.
JURY LAW IN SCOTLAND.

The I.OIID ADVOCATE moved for leave to bring in a D
for the better regulation and enrolment of juries in Scotland.
Leave given.

MILITARY PUNISHMENT.

Sir F. 11(711DErf rose. hut was for some time inaudible in the
gallery. lie WAS understood to regret the absence of the Noble
Lord, the Scarteary at IVar, as he wished to have asked him whe-
ther he had been made acquainted with the statement which had
lately appented as to the punishment of a soldier, and whether an
inquire had been directed in consequence.
Mr. Secretary PEEL said that he was happy to inform the Hon.
Baronet (Sir F. Burdett) that he had that afternoon seen the Secre-
tary to the Commander-in-Chief, and that every inquiry was di-
rected by his Royal Highness to be made, which inquiry would no
doubt prove perfectly satisfactory. At the same time there could
be no doubt but that the representation that had been made was
an highly exaggerated one. (Order.) Every inquiry would be
made, and every information afforded.
A ME3I BER, whose name we could not collect, said that in
consequence of the statement that had appeared in the provincial
papers it had become necessary, althotigh the Commanding Officer
was extremely unwilling to enter into a controversy in a public
paper, to contradict the main statements of the charge. The Com-
mander-in-Chief, as soon as the circumstance came to his know.
ledge ordered the regiment front Exeter. The prejudice that
existed against the regiment wss well known, and yet he was bold
to say that diem was not a regiment in the service which deserved
better of their country than the. Tenth Hussars. He believed that,
safer from its being the wish of any Commanding Officer to inflict
corporal punishment, it was in every instance their most anxious
wish to avoid it. There was no doubt but that the man, in the in-
stance before the Douse, had resisted the punishment which had
been Deleted in a highly improper manner, and he could not but
suppose that the object was to throw further odium upon the regi-
ment.
Here the matter dropped.
COMMERCIAL DISTRESS. •
Mr. T. WILSON was undentood to ask the Chancellor of the
Exchequer whether any arrangement bad been come to between his
Majesty. BOTITIMIOIII and, ihm.Beak.m. to the advance of money
to merchants and manufacturers; as, if such was the case, be
should not prem. the motion of which Me bad given notice.
The CHANCELLOR of the EXCHEQUER said that such
had been the nitre, and in consequence of what the lion. Gentle-
CA RNA TIC COM 11 TaS TON. man (31r. Wileon) had intimated, as to his Intention of abandon.
31r. WIGRAM 'florid fur leave to bring in a Bill to continue in; his motion, it became necessary to state to the Houk: that his
the pnwers of the Cur-atic Commission ; to enable them to pay the Majesty a Government hail caused a communication to be made to
private debts of the Nabob of Arcot and to arrange other matters the Bank, requiring to know how far and to what extent that body
between hint anal the Directors of the Els( India Company. might be disposed to give relief in the present state of depression
DALLAS ESTATE MEI,. that attached to commerce and manufactures, and whether it was
Mr. COP brought up a report on the Dallas Estate their intention to advance money on goods. He was able to state
Ordered to be committed. that an answer had been received from the Bank, in which they
IlEit 310NDSE V CIICIICII, expressed their willingness to acquiesce in the measures submitted
Mr. H. SITM NER moved for leave to bring in a Bill to build a for their determination, and that they were then considering the
Tower to the Church of Bortnondser. best means of giving effect to the determination to which they had
ltA MSGATE IIIEATRE, come.
Sir E. KNATCII BULL brou.tht 110 a report on the Ramsgate Mr. T. WILSON said that he should, after what had fallen
.rt.'ll. to rooottittetb
Theatre Bill 11, from the Right Hon. Gentleman the Chancellor of the Exchequer,
LEO 11 I NSTER CA NA I, COMPANY. aay a very few words. Ile believed the fact was, if his information
Mr. TR Ell AYNE brimaht up a retort Oh the Leominster Canal was correct, that the Bank of England had consented to the ad-
Bill, to enlarge the 1/011.'er1 of cat, Proaiietore, and to enable them vance of three millions; at least he believed there was no objection
to raise money to pay their debts, and to carry the objects of the on their part so to do. Ile also understood that it was the intention
Company into eh:ea—Read a second time. of his :Majesty's Government to institute some measure to secure
CORN LA Ws. the Batik from loss, and also to give them every facility in carry.
Mr. HOEDSWORTII presented a petition, signed by Sig per. Mg the proposed measures into effect. The Hon. Gentleman said
sons residant in 'Tewkesbury, praying for the repeal of the Corn that, althmigh he dill not consider the proposed measure the best
Laws. that could have been come to, yet, as the advance of three millions
Sir JOHN POLLEN presented a similar petition, signed by of nioneywould he calculated to relieve commerce from the de.
100 persons, inhabitants of the town of Darlington. pressed state in which it at present was, and also to inspire cond.
Similar petitions were presented by Mr. L. Keck, from the land. dense and stability in the minds of the people; he would not differ
owners of the county of Leicester; by Lord Milton, from lliggin. as to the manner in which the relief so desirable to be given should
shsw ; by 31r. Liadsay„ from the congregation of Quakers residing he afforded• He must say that every individual was most easen.
at Forfar ; by 3lr. Hume. from Calton and Glasgow ; by Itlr. 'daily obliged to the Bank for their conduct in the present state of
Blackburn, loom the Silk Weavers of Halesworth; by Mr. pressure and distress; and he coeld only add, that he hoped the
Curteis, from Bexley. proposed relief would be extended not to the merchants of London
ABOLITION OF SLAVERY. alone, but to all other p.mts of the country. (Hear, hear.)
Lord PALM ERSTON said he held a petition in his hands The CHANCELLOR of the EXCHEQUER said, before the
from the chancellor, masters, and scholars of the University of question NM disposed of, he wished to repeat what he had before
Cambridge, against the continuance of negro slavery in the West stated. that the Bank of England had under their consideration the
Indies. The petitioners felt petered to his Mejesty's Ministers and best means to be adopted for giving the required relief. It was the
the House for what they had already done to ameliorate the condi. intention of the Bapk to carry into effect an advance of three mil.
tion of those unhappy mat. They considered any laws which would lions; not that ;hey felt themselves bound at present to any specific
oppress any portion of the human species, whatever might be their system of advance, except tbat of !initiation. three millions being
country or complexion, contrary to British law and the Christian the amount to which they had determined to adhere. It certainly
religion. They admired the principles and feelings which origin- was true 14.11 stated by the Hoc. Member (Mr. Wilson) that pito.
attd the resolutions which were entered lain by that House in the vernment hail an intention of Omitting a proposition to Patna-
) ear 1823, and were anxious to 11.0 those resolutions carried into i went to enable them to pay of f certain proportion of the advance
tffect. He was sure that the rctition would meet that attention so made by the Bank of EnglOd. His Right Hon. Friend, the

- -
them the " job of job%:"
The Earl of LIMERICK recommended the Noble Lon! to

..... _
avoid the too frequent use of the Fame words " job of job•." Like
the parrot that had but one phrase, he would become disre-
garded. Or did the Noble Lord expect, like water falling drop by
drop upon marble, at last to make an tmpressinn ?
Lord KING said he had two petitions to present against the
" joh of john"—(a Line)—sine was from er, chin, and the otitis
was from Islington, praying for a repeal of the Corn Laws.

Exchequer Bills accruing, unapplied, and at the present disposal
of tile

The CHANCELLOR of the EXCHEQUER would nay but
few words; he had no objection whatever to the motion of the Hon.
Gentlemen Ito far as regards the general tenor, nor to any pan of it
except that which called for the minter of the parties who applied
to the Commissioners for advancts, and the nature of the security
which they offered. This chyme he considered liable to great ob.
jectiona. and he believed the House would feel at once the enroll
of his dislike. He doubted even whether the Commissioner ought
to specify these particulars, if called upon to do so ; neither were
these details indispensably necessary to the object of the motion.
He hoped, therefore, that the Hon. Gentleman would consent to
omit it. as being more likely to hurt the feelings of individualatlien
to promote the public interest.
Mr. HUME did not believe there was or could be any objection
to the terms of the motion, nor that the Commissioners would feel
any repugnance to make there diadosures. He had himself formerly
moved for an account of, public money granted in a simi:ar manna
and for similar purposes, and that account, specifying the name of
the parties and the some they obtained, was then lying on the table;
nor could he conceive how individuals, when the public advantage
was contemplated,
~had any right to complain of the dlackeere of
their names.
.. •

President of the Board of Trade, also intended to submit a memo.
salon to the House, it. order to accelerate the measure In coptem-
nlation as regarded the low of merchant and factor. (Hear, hear.)
It was only et a very late hour that he was informed of what ware
the ietentions of the Bank on the subject. and therefore lie could
not give that information to the House which he should have been
where** &named to do. A a the whole Me was now bereft the
House, he trusted the Hon. Gentlenian (Mr. Wilson) would not
persevere in his notice of motion.
Mr. PEA RSE stated the great anxiety on din part of the Bank
to do all in their power to carry into effect the relief required by the
distresses of the country, and he felt convinced that the knowledge
of the intention of tas Bank would do more good. by inspiring con-
fidence among merchants and manufacturers, than the advance of
any sum of money would do ; indeed he felt tenured that a very
mnderete issue world be required.
Mr. ELLICE begged to be informed, either by the Right Hon.
Gentleman the Chancellor of the Exchequer or the lion. Bank
Director (Mr. Pearce), whether the relict was to be extended to
the menufacturing towns. and whether personal security, as well as
the deposit of goods, would be taken.
The CHANCELLOR of the EXCH EQUER said that as to
the precise mode in which the advance was to be made, or whether
on individual security or not. he was rot informed. Relief was neces-
airy certainly to a great extent in London, but in the country dia-
-1 tress might exist, and did exist, and with that view the relief would
be extended to the manufacturing towns.
Mr. TIERNEY wished to know whether it was intended in the
allayment by his Majesty's Government oldie advanecto be made
by the Bankathat it was to he done by way of Bill.
The CHA NCELLOR of the EXCHEQUER said that his
Majesty's Government were not to hear the flank hamilesa, hilt
Government would assist in telieving the Beek by an issue of Go-
vernment eventide..
Mr. TlElistiy wished to know whether he ecas to understand
that a Bill was to he brought in.
The CHANCELLOR of the EXCHEQI:ER said that be hai
not stated a Bill was necessary to establish a commission, but that
it was to enable Government to relieve the Bank from s proportion
of the advance, and by relieving the Bank also in a further degree
by the acceleration of the MC3RLITC regsrding the merchant and
factor.
II Mr. TIERNEY was for sonic time inaudible in the gallery ; as
soon as we could catch the tenor of his observations we understood
him to say, that the proposed measure would do some resod, but
net a general gond—the good that was required to be, done
etc a restoration of confidence. The conduct of his Majesty's
I !linkmen in the line they now 'monied was that of doing
something or nothing. for it was impossible to come at a conclusion
upon the subject. tine fact appeared dear, which was certainly very
flattering to the Bank, that they were to be put in the gap when
nobody else could he found to occupy it. And why was it so ?
Because a Noble Lord (Lord Liverpool) had determined that the
country should be sacrificed in order that lie slit-mitt he eliablett
to
keep his word, when he said that no Exchequer hills should be
issued. He (Mr. Tierney) could not suppose a ace to arise where
the interference of the Legislature was necessary, if the one then
before the Horse was not of that nature. lie dal not know how it
happened that when that grand panacea for all the distresses that
afflicted the country came on, that it was in some irregular way.
Even now, when he was speaking, there was no question before
the Heim, and he could not but wish that the Right Honour-
able Gentleman (the Chancellor of the Exchequer) would do
him the obligation to bring forward the nteasnre in such a
shape that he might state his objections. of which he had many,
to the messure under consitivratios is a regular manner.
The CHANCELLOR of the EXCHEQUER said he was not
very sensible of the obligation conterred upon him by the Right
Honourable Gentleman. which was to give Min an opportunity of
combating his (the Chancellor of the Exchequer's) propositions.
All he could say was, that he was very ready to take any course as
to time to meet the Right Honourable Gentleman fairly upon the
point, if he would bring forward a specific motion on the &object.
When the alteration of the law or merchant and factor was din-
cussed, perhaps that occasion would afford tile Right Honoureble
Gentlemen an opportunity of expressing his views, but he could
not think that he had been so wanting in opportunities for the ex-
pression of his opinion as he had stated. At any rate he must not
trust to him (the Chancellor of the Exchequer) to bring it hoenard,
but do it himself, and then he should be quite ready to meet him.
Mr. MANNING was understood to say that it would be more
agreeable to the merchants and manufacturers if a Commission
were to sit.
Sir F. BURDETT said that the conduct of his Majesty's Go-
vernment had been anything but that which would inspire confi-
dence. It appeared to be a subject on which strong shades of op-
position existed, and on which Parliament could not come to a con-
clusion without the fullest information, and theret.re he regretted
that the lion. Member for the city of London (eir. ',Gilson) in-
tended to withdraw his motion, because lie should have preferred
that the relief should have been given direct, and be could not but
express his sorrow that it should be done in any other way, and
that only because one of his alajesty's Ministers had said that he
would not adopt those measures which, on former occasions, had
been so beneficial to the country. W by they should choose to adopt
such a course as was now proposed, when there was so obvious and
easy a way of proceeding, it was rut eisy to imagine. The House
were called upon to give an immediate remedy without having nny
knowledge of the details on which it was called upon to decide, and
he could not ACC why the llouae should not have the advantage of
reflection and thought on a subject of such importance Thellon.
IllirOSCt said lie would as shortly as possible state the observations
he had to make, because some better occasion might offer on which
to state them more at large. He did not concur with any lion.
Gentleman in thinking that it was possible for the country to return
toe metallic currency with the line of policy pursued by his Ma-
jesty's Ministers—they could not pay the deb:. In the state
of public distress under which the country laboured, his Ma-
jetty's Ministers ought to have brought betore the House a re.
Auction of all the establialitnents ; as that had not been done it
ought constitutionally to bedemandedof them, for public opinion
in and out of the Howie was in favour of a reduction of expenses.
It was not treating the country fairly, it wits not treating the coun-
try in the manner in which it was entitice to be treated from the sa-
crifices it had made on all great and trying occasions. The
measure taking plus at all was the only suggestion in which he
could perfectly concur ; but he must say that it was quite asto-
nishing that Ins Majesty's Ministers, seeing the panic that had oc-
curred, did not at once cone forward and submit a measure to Par-
liament for relief; and it was nut mare extritortlinare that they
should now turn round and do that indirectly which they had in the
first instance refused to do under any circumstances whatever. The
issue of Exchequer bills, or some such Government security, would
have been the best means of affiatliag relict', and he was warranted
in that assertion because it had been often tried. The question surely
was whether the country should continue to be distressed, or whir-
therrelief should be ailarded by the issue of Exchequer bills. It
was the opinion of all practical men, from first to last, that an im-
mediate issue of Exchequer bills would be the beat means of af-
fording relief.
Mr. BROUGHAM rose to express his regret that the motion
was to be withdrawn, and he entirely concurred with his lion.
, Friends near him In opinion that if the measure of relict wits to be
afforded, it ought to be done throligh his Majesty's Government,
and not in the manner proposed, which must doubtless have been
greatly to the surprise of the Bank itself.
Mr. Secretary CANNING said that he did not rise to prolong
the discussion, but he must say that the opposition made was not a
common one, when there was no question before the House on
which they could come to an issue ; but when the opportunity did
arrive, he should not be backward in meeting the Right lion. Gen-
tleman's arguments and observations. In the first place, the pro-
posed measure was not the same as that of the issue of Exchequer
bills, nor was it connected with it t and in the second, the ques-
tion of issuing Exchequer bills did not rest upon prophecy. or
upon the ground mentioned that night by lion. Gentlemen on that
(the Opposition). side of slur House. The propriety of issuing or
not issuing Exchequer bills had been examined and considered by
his Majesty's Government, and it was their opinion, as resulting
from that consideration, that it was not their duty to give relief.
He should be fully prepared to justify the conduct of his Majesty's
Ministers from any thing contained in the arguments whit:he:ad
been advanced ; and if the Right lion, Gentlemen (Mr. Tierney)
was so anxious to express his sentiments, a motion would be shortly
before the Howie which would enable him so Milo.
Mr. TIERNEY said he would avail himself of the opportunity
Discussion was all he wanted.
Here the matter dropped.
EXCHEQUER BILLS IN AID OF PUBLIC WORKS.
Mr. ELLICE rose to make his promised motion, and expressed
his satisfaction to leern, from what had fallen front his Right Hon.
Friend (Mr. Tierney) that it would give bins an opportunity of
addressing the House. The IlonaGendeman said he could not but
think that if his Majesty's Ministers had conic down to the House,
and after the delivery of the Speech from the Throne stated their
intention of furnishing Exchequer bills, they would have restored
public credit sad public confidence, and have given the greatest
facility to the measures which they intended to promote. Having
stated so much on that subject, he would proceed to state the
grounds on which he intended to move for the papers of which he
had given notice. It would be in the recollection of the House
that two Bilk had passed the Legislature empowering a grant of
Exchequer bills for pualic works, and for the telief and employ-
ment of the poor, 'I he amount f Exchequer bills issued to those
Commissioners under those Acts of Parliament was three milliona.
All the issues under these Acts were made by the Commissioners,
and he found, on referring to the documents on the table, that the
Commissioners had advanced money, not only in relief of distress
but also in furtherance of mercantile pursuits. They, advanced
mooey to support the working of mines, in aid of fisheries, and
even to maintain the credit of a great bank in the north, on the pre-
tence that it watt intimately connected with the mining and manu-
facturing interests of that part of the country. Now he thought
that the relief of such embarrassment as we at present experienced
would be as legitimate an application of our funds as any of those
advances to merchants to which the Commissioners had given their
remarks
f te
opus
pbrought
it,
but
assent. It was for this reason he had made his motion. Some
therefore, which
makeuh anyl
b e h
means had been taken, it appeared, by Government to relieve the
general lnodtia.tres
s
ufitnwheougli forward.
dthHet
that the House ought to he put in possession of the conduct of the
Commissioners, and their management of the funds committed to
their charge. Some securities had been given to them when they
made advances, which might serve by way of precedent for the
future. lie would therefore conclude by moving for An account,
In detail, of all advances and issues of Exchequer Bills by the
Coalman-inners for Publie Works, and the Relief and Employment
of the Poor ; mating the times when such advances Mere made, and
the amount of interest paid thereon, together with the names of the
parties and the nature of their securities; of all repayments on ac-
count of the same, and the balances now due; of the amount of

Mr. ELLICE said his object in requiring the names of the par.
ties was merely to see whether the funds had been well applied,
for since the money was intended for public 'mimeses it toiletry'
that whoever held it was to be considered the trustee of the pullin
He did not wish to have the names of parties any farther than was
xeressary to prove the propeti application of the funds.
On the motion being put,
Mr. TIERNEY' rose. lie had come dawn to the House. he
said, expecting to hear the discussion of a question of the greatest
magnitude—the commercial distress of the country. Ile had hoped
to find the Bank question finally disposed of, but was disappointed
in finding that it came after instead of before the discussion It
public difficulties. It was agreed on all hands that this country, in
all the fluctuations of its fortune, had never experienced such dis.
tress as was prevailing at the • present moment. In this all were
agreed, and he wished they could also agree with respect to the re.
metly for these evils. He had before proposed a method which
came recone mended by precedent and -experience, he meant the
issue of Exchequer bill. ; the adoption of this measure was the
last chance of restoring public confidence, for the issue of Male-
quer bills in the way he advised would snow that Government did
not share the general panic. The Bank of England had shown
that they were not afraid ; they had stepped forward to tender their
assistance, and for this conduct they deemed the higheat corn.
inendation ; but on tire other hind, an alarming inference might be
drawn from the timidity of Goventnient. Modstere indeed, de.
elated that they did not think it advisable to interfere with private
speculations, or to implicate themselves with mercantile distress.
To tire broad principle that Government ought not to interfere in
private concerns lie gave his entire assent ; he fully agreed with it
as an abstract proposition, but lie believed there was in this care
such a departure from the ordinary state of things as would justify
the adoption of unusual remedies. Again he had heard it said by
some who wished to get rid of the authority of a precedent, that the
present crisis bore no resemblance to the distress of 1793. particu-
larly in the nature of its causes, but he was prepared to show that
the commercial embarrassments of 1793 did not originate merely in
political circumetances, but had so close a similarity to present af-
fairs as to justify the adoption of the same healing measure.. It was
the fashion to charge the mercantile world with rashness and oyes.
sieculation. Now he wonld readily admit, without running hurt
particulars, that there had been too much speculation. But how
did the matter stand with respect to its causes ? We had been
taught to think that the country was in a state of continued and
growing prosperity, and that it was capable of every thing ; it was
this neeermeasing exultation in the-growing prosperity of the
country which prcduced the rage for speculation ; bOt who was
it that thus deceived the country ?—who but the Right Ile.
nourable Gentleman opposite and the Beek of England ?
And was it not hard that Olinistenr. after deceiving men 10 their
ruin, should turn round on them and say, why did you believe us?
why did you place any confidence in our representations P (Hear.)
After this every step was taken to issue notes and Exchequer bills,
and to get interest for money while it was to be had, it was then
that the Bank thought of lending money on mortgage ; and although
he did not mean to say that the Right Hon. Gentleman had pro.
posed this measure to the Rink, yet he was sure he would not deny
that he approved it. The Bank received the suggestion horn a
high quarter, and the Right Honourable Gentleman viewed it in a
favourable light, and by his acquiescence confirmed the Bank in its
speculating propensity ; but did not Government take advantage of
the fella:iota confidence they had inspired ? He appealed to the
holders of 4 per cents., who had been iadueed to give up one-eiget
of their income on the streugeh of the assertion that the grawirg
prosperity of the country would cause a continual decrease in the
rate of interest, when Ministers made the assertion they were in-
duced to run the risk ; but they could not have been persuaded to
make the experiment, if they had known that the change in the
rate of interest was the artificial result of a combination of the
Government and the Bank of England. This was a measure of in.
justice to all, but of peculiar hardship to some, as for instance to
children or trustees. All these circumstances, as they occasioned a
subsequent pressure, gave the mercantile world is claim to reiefl
but the Right lion. Gentleman said the nierehant ought to hare
foreseen all this. But did the Right Honourable Gentleman
himself foresee it nine months ago? If he did, he ought to
have taken measures accordingly, but if he did rot he
ought not to rep oath the blindness oT others ; besides. it was
impossible for any one to foresee all the effects Of that re-
duction of interest who was not behind the curtain. There
wits nothing at present in the situation of the country, or in its
commercial engagements. which could explain the general panic.
There was no loss of trade; there were no foreign loans. Whet
then was On cause of it ? The answer was, the downfall of in.
serest within the last twelve months. After being flattered and led
on till their heads became giddy with the height to which they
were raised, people found nu effect of the growing prosperity of the
country hue in the reduction of their incomes. lie saw no reason
then why Government should not interfere in eerier to restore pub-
lic confidence, which was all that was required. They had only
brought forward a measure that was understoed by nobody and re-
commended by nobody ; but when deputations of respectable per-
sons came from the country to lay their situation before Ministers,
they were received politely indeed by the Right Hon. Gentleman
opposite—the Right lion. Gentleman received them with the
greatest kindness, but at the same time expressed his regret that
he could not be of any service to them. Ile added, perhaps. that
he knew a gentleman, living not far off and in affluent nice:me
stances, to whom he would give them a letter of introduction.
(Cheers and laughter.) When they carry this letter to the rich
gentleman (the Bank), he answers, that he is very sorry that he
cannot deal with them ; he is not in tlair line (cheers and laughter),
nod has been reading his charter this morning for the first lrne,
from which he finite that lie cannot lend money on goods. Thus
these gentlemen would be sent from one to the other without ob-
taining any relief. Vet there was no doubt that the Bank might
lend money on goods. The Director's said that they had a poem?.
but only a permissive power. lie believed that that charter had its
origin in the wants of Government and in a Mb witch was ant
quite unknown even in those times. He found too, in the /leek
charter, that they were empowered to sell the goods which rattled
he on the estates they purchased. So it appeared they might be.
come landed proprietors. Now it seemed determined that we should
imply to the Bank for relief; but he (Mr. Tierney) thought that
the Bank of England wit not the tit n gen en administer assistance
in such a crisis. How could it reach call parts of the kireeloin?
the Bank Directors a power of administering
oaths? but
the Commissioners fur the issuing of Exchequer bills bed this
power vested in them ; it was, therefore, their own fault if they
were deceived or misled. But the Bank, it appears, is authorized
to purchase three millions Exchequer billy ; that, is in fact, to ee-
move the disguise of the expression, to issue three millions of
money ; but this is not required ; we do not want money, but con-
fidence. The experiment has been already made with two millions
of Exchequer bills, and can any one show what goad it has ef-
fected, or what reason have we to suppose that the issue of an ad-
ditional three millions will completely alter the case, and chug:
the manner of its operation ? But how is this fund to be issued
There are not to be any applications of parties in the same man-
ner as to the Commissioners in 1793. Ate Ilan. Member, indeed,
said that he was sure Gentleman of high reepectabiliv would be
found in the country willing to assist else Bank in ebe disposal
of theis fund. What! is this also in the Bank charter? Are
theymmpowered to frame a commission to find out who went
money ? Ile *1 not know any of those gentlemen alluded tO,
hut lie knew how the Commissioners in 1793 had been selected
from among men of business. aril well acquainted with the mete
cantile world. How were we to be sure that the wrong did meree
ceive the relief instead of the right ? How were we to knee
that the ntaney thus obtained was not immediately applied to
wild speculation? or how were we to know that these Excheqnm.
bills would be brought to market, since it was confidence. and
not mime., that the country required ? This last was very doubtful.
Indeed it might be affirmed with safety that the Exchequer
bills wield not be brought 10 market in such circumstances, uue
even if they were would they produce any effect—the country tee
quired confidence and net money; but to the restoration of that
Ministers had contributed but little. With the exception of one
passage in the admirable speech of the Right Hon. Gentleman
opposite (Mr. Ilitskissol), he did not remember to have heard
of
elevatelin o,nllettyinm
eits:,er
spirits
r
through time eot
Icfi eh theeex rg' encng'ely'snetonrtt; ntbcheye: (111::lotiirnIc!w net:
Withtltei ryeeresi
ikely ae
pect to
the issue of Exchequer bills in 1793, it was not now a matter el
speculation but of history, and tee proof of its success was ant-
bided in the documents lying tin the table; by that transaction
nothing was lost, but 4.00i0n were pine.' to the public. But
Government chose to pursue noodler syetern—they say,'' If colt-
mercial men get themselves into thffieulties we cannot help them
out." If the Bank of England had Resumed the same tone-1f
when applied to for assistance, they had answered, " We cannot
relieve you, becau•e we are not accustomed so to do," in
that case, whet should we have done ? Ministers were
unwilling to do anything; if any good then has been ee".
let the Bank have all the credit of it. But when 31'
nutters had themselves contributed to bring about the present ills'
tress, when they led us to the brink of the creadful abyss in 1001
we found ourselves plunged, it required more than ordinary ten''
per to Bear the language with which they answered our complete's.
But sec the situation to whirls the Bank was reduced, or he Omuta
rather sty to which it was raised by this measure. Ministers might
say that merchants would be more cauttoue for the fumre when
genet ttt
ohh they
yh eisoi;Biunianunndi
dktt,hg
oh their
ftnd tehr
risentreatiesc,alv)uacrasdisregarded. But why should they
.be
more circumspect ? they might get an order or a recommentisnun
ornteherulimkwelayiradtold btetstbehieectosoutintmemecoouf
let
,xs:
sr tic
tie:se.:
close scrutiny. But see what eitraragant pewees are deco to "