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

THE BRITISH PRESS

it en t will stand at the renewal of its
high hirTwhhactrouvinn;rjgentlemen who have obtained relief or ed.
10.111„' al manly be hireised in its favour. The Bank in short
o°„.haihni- sort of monied influence over the. whole community ;
rhhhht"-- only minor considerations and did not belong to the
"It— n that of the public diatrecs. This distress, he was
see 111--tw had not yet reach:d its crisis; it was mill in.
pP.o salt
nd semeshing men be done, and this something, the
thhmit4 (Hirable Gentleman said, the Bank was willing
het h"'", nook has already done all it could without
tuhustio "-
atorstion of genera) confidence. Many pry.
F- andre their advantage in the increase of money.
prove its general utility. That measure would
r,htwould sot
• ihaent to draw not the wealth that was at present hoarded
rah: sea of individuals ; yet it was evident our money had
th coPerg
ne Abtrod. There was no foreign loan to carry it away
isf"
,:j, and mad practice to hosed up money, but it was
gee 1001,
n of genetal dietrisat ; and all this treasure he,
isathin"-- eol would come (,rah again with the slighest attempt
1°- Itheonliclence. It was rematkable that in the pante no ne
11,arrfera a remedy. The Bank would not tiny tnat they advised
e. no
would the Right lion. lientlemar himself say
hhhantho good to the extent of three million'. He wished
hiththa Desk with aomeof the Rank Direst t
ors ; some of those,
re:ea.e.-t'..111113 had known Mr. Pitt, and had taken an interest In
..airee in eider that he might dimwit' with them the merits
112:7,- h- compared with that of 1793. (Heir.) He was
„I".' ; it would be to a man with half the talent, of
I"llll`cii.,,al easy Gentleman to answer his speech thea.
tte—agig•litrift—rinmphant refutation' to show faults in detail here
flh`.";..:hee roving feta this and then that to be wrong ; hot he.
..r not ewe ;he knew he had the somas of the country
with that comic:inn he was satisdled. (Hear, hear.)
'fettle, that If the pant* were asked whether they would prefer
rroe na„ia of oink notes, or ewe and a half editions of Excite.
eld prefer the latter. He knew the Bank did not
whait'" -h;hodththiswirienc.o sure. They only submitted, did witnessing
0. dimes. around them they could not weedng their as.
Wire in Some form they were in thising but weave
„ lie lest sore that no man living viewed the calamities
rrttite thud with sincerer sympathy than the Right Honourable
fientlernan (the Chareellor of the Exchequer) t but, howevet the
!tight Honourable Gentleman might havei4beetwiwi prompted
mint
cis feeling?, he (Mr. T.) objectet to n e
teeing relief, becauty it recognised the eig
commends! (forte... aril by means of the Bank sod Government.
The measures ultimo! by Mr. Pitt in simil nati
onsccustances SIM
liable to the same objection. He was of those who I
Ipot
aded up to Mr. Pitt with the unlimited admiration of some
raople ; he had no wish to cover his faults ; but without avow-
eg any homey to him. he would !dill say that he was a great
son. and always ready to embrace the largest views of things
(Chterh) He (Mr. T.) fits not a Pittite, but yet he would cite
eir sothoritv of th it great Edelman ; though called by some a
psilolopeer: by others a Jacobin. lie 'mad gather good principles
ed precedents wherever he Mold find them. But to return to the
Mom the people were deluded by Government Into a belief of
gait boundless protperity. Thilt was the origin of the distrenh
tit now to remedy it, three millions were to go perhaps ti? Artie
vise did not deserve It. Without the issue of Exchequer *lls by
Combissiimem it would he impossible M select the objects of relief.
I 3 use the least discrimination. The present measure was an
indiscriminate advance of capital. la the year 1793 security
nil been taken on goods, but the grehut part of the ad.
awes had been granted on the security of other persons.
This citcuntoance showed how unfit the Bank were to con.
dad a transection of this r.sture. Fie had d
oeef and
be would repeat it, that he felt no share itt tlprevailing
earn Ile believed that it was in sonic degree unreasonable. The
Right Hon. Gentleman hall said that he had nothing to do with the
distress. lie did not know that when lie introduced the Mend toes.
are for the extinction of Mail notes he exposed the community to
ill the evils and incenveniencies of a sudden contraction of the
currency. Here was an instance of his having something to do
with the distress, not merely by withdrawing the curreng, but
also by pressing heavily on those who supplied the issue. By chit
mdsure lie would, in all probability, bring diadem on a great
many individuals, and it "mold be hard to my to a man on the
loge of bankruptcy that it was contrary to the principles of Go-
vernment to give him any assistance. In such a cane it would be
ridiculous to talk of principles; expediency alone ought to be con-
sulted. IThateree 'mail omduce most to the benefit of the cont.
moult! would be the hest course to pursue. He wished this mea-
sure might be reconsidered. not more for its intrinsic importance
than I,'r the lively and sincere interest he took in the character of
the R;ght Hon. Gentleman. whose fame might he sullied when the
futility of this treasure came to be proved. He believed he had
tint omitted any thing, but would briefly recapitulate his reasoning.
We had had experience of Exchequer bills issued by Commis.
sisters, and found them efficaciowi ; but this new plan has never
been tried, it puts the Bank into an extraordinary situation. places
in their hands extravagant powers, and at the same time exposes
them to great jeopardy, injuring both their civil and commercial
character. Many, to be sure, wield be Rind to catch at the oppor-
tusity, and would avail themselves of any menu a of raising • sum
of money ; but these would not be the worthy objects of relief. It
would be well. a: all events, if it were known how the affairs of the
Bank stood berme we intimated them with such large powers. Ile
knew that the exchanges were in our favour, but this was quite tin.
natural, and ought on that account to be regsoled with dstrust.
He (Mr. Tierney) brew some men of the greatest respectability in
mercantile life, and whose fall he considered inevitable. Ile feared
he should see time involved in the dustmen ruin. It was therefore
neceleary for die Chancellor of the Exchequer to endeavour to re.
inspire the public with confidence, and to declare definitely what
=mem' he would adopt in the present emergency.
The CHANCELLOR of the EXCHEQUER said that no.
thing he had hard had induced him to think that the measures pro-
peed by the Right Honourable Gentleman were entitled to a pre-
temper ; and he enured the Right Honourable Gentleman if he
laid been convinced of their superiority, no fear of any charges or
Jr:dna/16one should prevent his adoption of any measures which the
public interest required : but the more he considered the measure
proposed by the Right Hon. Gentleman, either in relation to the
argument" adduced in its support. or to those brought against it,
the less was he disposed to think favourably of it. The Right
Ilan. Gentleman had stated his sentiments with perfect fairness,
and without any mixture of asperity. Ile had spoken of alliances
ia a manner for which they would feel grateful. Bat the Right
lion. Gentleman had said that Government might to take a different
courts, because they had contributed to the distress. But this if
true would only snake It incumbent on Government to seek
n remedy. but not to ad mt sonic particular remedy. They
ought to be well convinced of the superiority of the rerndies
properted before they consented to adopt and apply them. He did
that the COULTS'Z which Government had pursued 'for the last three
!ears was the printipal cause of the shock to credit, and of our
thonnerrid difficulties ; the Right Hon. Gentleman charged Go.
vernment wish a certain act, and like all who united with him in
dust charge. he forgot the history of the period when that act
ea accomplished. When he blamed Government for the re:
duet;rn of the four per cents. which he described as a dark
rid aecret transaction, he forgot that the reduction of the three
and live per cents. took effect long
_before any one of those
an a to which he now pointedly micribed the subsequent distress.
But yet in the report of the committee of 1817. that particular mea-
sure was urged and recommended as an object of the greatest im-
pedance. as one to which the attention of Parliament was strongly
called, and as ems ailculeted to give great relief to the country, by
dimirishing, pro tool°. the charges that were impaired upon the
people by the national debt. It was, therefore, not very sum
posing that, enforced as this particular measure was, the Govern-
ment should, when the state of the funds in 11132 afforded a fa-
y iurabie opportunity of saving, by means of the reduction of the
I per cents. to the 3A, a sum of no less than 140,0001. follow the
measure which had been re much approved of in a former instance;
nor was it fair to charge the Government under these eircion-
ratites with having acted improperly in allowing themselves, when
finding the funds in this state. to do so in order to reduce the bur.
dens of the country. Many of the acts charged upon the Govern-
ment were subsequent to the reduction of the interest on money.
Theipasaing of the one and two pound notes A et. and the arrange-
ments with respect to the ttalthpah pensions. were both subsequent
to :he fall of interest ; therefore it was impossible to charge upon
lfme measures any share in producing the deterioration of the value
of money. He mtiahtleny thatGeremnient ever did join by any pro-
des with the Bank of England so as to raise the price of the funds,
in order to reduce the Interest of money. He certainly thought
that if eith:r the Bank or the Government had ever endeavoured to
produce that effect, it would have been a fraud upon those persona.
win bed money to lay out in the purchase of stock. But one proof
that the Government certainly stied in adoptiwg that measure with I
perfeet fairness., and did it bums .0% and not with a view to effect'
timobject audited to them, he should remind the Right Hon.
Gentleman and the House that at the commencement of the session
of 1R24. (which by the by was rather before what had happened in
the coatuty, and to which the distress might be properly attributed)
—ia the commencement of dirt session, and when lie stated that it
was the intendon of Government to prop the reduction of site 4
her cents.. it was proposed to han in this Howie by several Ho.
noun:hie Members first of all—to do what ? Why, to begin by
a reelection of interest en Exchequer e replied
%0. not be fair to the holders of those bills to do any such
thin:: he considered that a reduction on those bills must necea-
ah' f. wow in due comae the operation of the measure he pro.
but he thought it would hare been a most scandalous at-
' 'tan. at fraud to reduce the hills which had been porehaud upon
the mole of Government. lie therefore met that proposal with a
(lam negative ; considering that to effect the object by a natural
cau-se of everts could not have been in any degree objectionable,
whilst it would be manifestly unjust to do so by any artificial means.
The Right Hon. Gentleman (Mr. Tierney) said he thought is
v-ntild be a good plan to follow the course which was pursued in
1793; and in stating this he used a strong expression, which to
his Ithe Chancellor of the Exchequer's) mind if properly applied,
Aided as powerful a reason as any that could be offered why that
plan should not be adopted. The Right Hon. Gent. had talked
of it as being an established practice. If it ever 'throad be an
P anblialied practice, then indeed world the Government be extesed
to all those formidable consequences which be (the Chancellor of
the Exchequer) was now so anxious to avoid. If ever it should be.
c one an established practice fur the Government of the country to
lie converted into a great banket and a great pawnbroker, it would
bong upon the country the consequences that must flow from that
cue of things, by which persons would be taught not to depend
upon themselves, on their own exertions, or on their own prudence,
but to rely upon unnatural and artificial causes. If the Govern-
ment were to yield to the present appeal. it would become there-
hfter rot an exception but a rule of their practice. In the first
place, however, hs should deny that the case of 1793 was so pre.
early similar to this present eri.is as the Right on. Gentleman
seethed to think. The Right Hon. Gentleman attributed no int.

portance at all to the aspect of affliirs between the summer of 1792
and the spring of 1793. But between those periods the most es-
sential change in the position of the country took place. In the
summer of 1792 there was an universal impression that if ever
there existed a period in which it was probable this country would
remain in a state of peace it was at that period ; but what
happened ? In the catty part of the year 1793 a sudden war
broke out in Europe, unitise circumstances of quite a peculiar
character t the power of France suddenly acquired a habitude
which no person conceived to be possible ; which every man in
Europe, 51r. Burke himself among the rest, looked upon as a phy-
sical unmetaibility. and which produced consequences that ulti-
mately involved this country in hostilities, which wets totally un-
like in their nature to any in which this country had ever previously
been engaged. And though it was true that that prosperity of the
county, which every body flattered themselves would be Terme-
tient, had attained a height that would perhaps have led to the
usual consequences of over-much trading ; even if the war had not
broken forth, yet it was certain that the war accelerated the dis-
unities that follesed ; therefore there was an extraneous cause in
the state of the Government. and not a natural cause, which pro-
diked that event; and as that extraneous cause was hot the result
of the conduct of Individuate engaged In trade, it might be 03f1111.
dered to produce a case in which it was lit and proper for Govern.
ment to interfere. The case of 1811 had been referred to. There
again, though both in the nature and intensity of the distress it
might be similar to the; which now prevailed, yet then the country
was in a state of war, and in that and every other repent the two
cases were as unlike each other as they could possibly be. The
dimes" of that period arose out of the peculiar over-trading in one
particular branch, which peculiar branch was drugged. as it were, 1
by the peculiar circumstances in which the war stood t because by
the anti-commercial decrees of Bonaparte, aided if they pleased by
the retaliatory aem of this country, all the ordinary intercourse be-
twenn England and the other parts of Europe was entirely de.
etroyed. It was therefore natural, arid in the dtdinary course of
things to be adopted, that persons thus debarred from the usual
avenues of commerce should avail themselves of the sudden opening
that about that period was afforded with the nen States of Saudi
America. The dtstresees therefore arose out of extraneous causes,
and were referrable exclusively to the peculiar circuinstanees in
which the country stood with regard to the war. Neither of the
cases therefore which had been quoted could, in his opinion, be
assimilated to that which now prevailed. That very circumstance
was an additional reason for his thinking that if Government were
now to yield, they should be following one bad precedent and set-
ting another 1 they would be entangling themselves in a snare from
which they, suited never escape until ttey were etrangled in its
folds. He was Mg putting as hypothetical rase, but if it should be
thought fit fo follow this course now, it would have been but fair,'
and mere common justice, to have done exactly the seine wheel,
some lbw years ago, the agricultural distresses prevailed. (Hear,
hear.) Sonic persons indeed thought at the time that Government I
ought to have adopted such a measure, and a great many proposi- 1
dons were brought forward to that effect. But they were not re- i
ceived, because the Government did not deem it advisable to gram
the relief required. The pmpositione. however, were rejected, not
merely on the ground of the difEculty of execution, but on the
ground of principle. But both on tho ground of principle and of ,
common justice, the agriculturists had equally as strong claims as I,
any that were now set up; and he should therefore like to know, if
Government were now to yield, whether they could by any possi-
bility refuse to grant a similar relief- if ever thereafter the agricul.
tUfildi should be labouring under the pressure of distress ? Other
propositions had been also made, to which the Government would
have been justified In acceding as notch as to this. With legard
to Ireland, an lion.slember had, daring the extraordinary distresses
of that country, proposed that GOvernment should advance a mil.
lion of money for its relief, to be employed in the cultivation of
the bogs of Ireland, and which might have been, for aught he (the
Chancellor of the Exchequer) knew, immediately beneficial to
that country ; but if it bad been gra;tted, it would, in his opi-
nion, have led to a precedent which he should have been sorry
to hare seen brought forward on the present occasion ; and he
thought the Government, therefore, did moat wisely. in reject..
ins tt. The House supported him in his opposition to the
meastirt, agreeing, however, to the great distress that existed—end
great it was—for Ireland had just escaped from a state of famine in
which thduunds and thousands had perished ; all pound banks
were failing, and everything in the condition of that duntry, added
to as it *as by its political diffitulties, tended to aggravate the
vrretchednela of its people, and yet it was not thought prudent by
this House to adopt the proposed relief ; and that upon the very
same printiple Which he now urged, namely, that it was unwise,
dangerous, and contrary to all precedent, to erect the Government
of the country Into a great Minket and a great pawnbroker. But
that was not the only ease where such an application had been re-
sisted. Every botij knew the great distress that was stated to pre-
vail in 1E22 in the West Indies. Ile had no reason to suppose that
the representation then made in that House was not perfectly
well founded in all its degrees, and particularly in the alleged
amuses of that distress; which it was remarkable was iden-
tically the rime with that which had produced the existing
Crisis. And what was that cause? Why, it was this—want of
confidence between man and man, so that the planter could not
avail himself of his property, and eery th'sg was so deranged
that it produced an anomalous state of soot which was indeed
so far a political cause. It was dlattnctly Ala. that these things I
were partly the result of the acts of that House, and that the Hero-'
lutions which were agreed to by Parliament in 1823, upon the sub-
ject of West India slavery, contributed to prodbee that very stag-
nation, that very want of trade, that ('try ruin—all that misery
which followed those proceedings. These reasons were all as.
' signed for the ewtta the colonies then endured, and as gowned. '
k....
the relief being granted. But what did the Government feel it their
duty to do? They felt it their duty to Say to them as they now
said to the people of England—et di e think if we lend you five
millions of money in Excbequerbilis we may be certainly giving
you relief; hut we shall be at the same time setting a bad pre.
cedent, and from which he shall never be able to get Government
free, if that erroneous precedent be adopted." Erroneous it was,
for everybody admitted it; for even the Right lion. Gentleman
himself (Mr. Tierney) had said that it was bad per se, but that
it was a case of absolute necessity and that the peculiar character
of the case demanded it. He (the Chancellor of the Exchequer)
could not deny that there was some force in this :tegument. But
no situation required of a Government greater tinnaess and,deter-
mination than those very cases of imperious necessity. If Mi-
nisters were not at such times to shut their ears as much u they
could to that appeal of an overruling necessity, they,would be led
by the feelings to which their nature might prompt taem to pursue
measures prejudicial to the general interests of the country. He for
one could not answer for the result if they were too facile to any
such appeals. Suppose they had lent the four millions to the agri.
culturists in 1 0 2 ; euppose they had lent one million in 1823 for
the distresses pf Ireland t suppose they had lent five millions in
1824 for the relief of the West India Colonies ; and suppose they
were called upon to rote there Exchequer bills, without haying the
precedent of 1793, but with the precedents of 1822,1823, and 11:24,
k would then have appeared that Government would have been
called upon, in the course of four yearn, to advance no less a sum
than 13 millions in Exchequer bills for the relief of the country.
Would any body say that this would not have been a dangerous
ptecedent, and that it was not a misfortune that the original piece-
dent in 1793 was ever adopted ? But then it was stated that the
present case was peculiar in its nature. Every case, whenever it
occurred, was always represented to be one that required to be
treated in a peculiar way. It we. always stated to be An exception
to all other cases i the better feelings of men were appealed to to
take this course, and it was placing persona in a very pithiful
situation to decide between their inclinations and their duty. If
Government had yielded on the former occasions they must inevit-
ably have yielded now ; and, if they yielded to the appeal 'ow, be
knew no ease when the country should experience • the least
difficulty, where Government, if called upon, could refuse the
relief requited. The Right Honourable Gentleman said that he
did not deny altogether the furze of his (the, Caar.cellor of
the Exchequer's) objection ; but then. said he, what the Govern-
ment proposed to do was the same thing, only in a worse way.
Now he (the Chancellor of the Exchequer) confessed he could not
conceive it to be the same thing, that Government, which hadanot
the power to lentl money, and ought not to have that power—he
could not conceireit to be the genie thing, that that Government
should pass a law to give them that power; or that the Bank of
Enema, which poisoned the power of lending money from Its first
establishment, lout which power was an inherent part of its
charter, should be left to exercise that power and to make the ad-
vances requOed. The very absence of power on the part of the Go-
verment wai an indication that it was no:one in the exercise of which
the Government would be properly or salutarily employed; while
the very possession of the power by the Bunk was an indication
at least diet Parlirrnent thought that the power was one whkh it
Was prudent and proper that the Bank ought to exercise. Now he
would not say that the Bank ought, la CAUFC it possessed such a
power, to go about aid exercise it in its ordinary concerns ; but he,
on the other hand, never could admit that if such a state of things
arose as existed at thus moment, it would be improper for the Bank
to exercise it, although it might not be prudent for them to do so
as a matter of course. He would particubcy allude to their can.
.
duct in December last, and say that they acted then with great
prudence. although it was not within their ordinary rules The Bank
were liberal thee, not according to the customary I Tart ice of dealing,
but they word out of their way to give assistance in the exigency of
the period. But was :Ito besaid that there was any thing wrong—that
there was any absurdity or any inconsistency that deserved blame,
if, under peculiar circumstances, they had remote to this extraor-
dinary power ? Certainly not; and that the Bank had the power
to act as they did, we' as clear to his mind as it was obscure to die
mind of the Right Hen. Gentleman. But with teemed to Exche-
quer bills he Mould like to ask one question. Suppose the Go.
Tegument were to grant them, would the Batik have Beehive to do
with theni? (Hear, hear.) Had they nothing to do with the ad-
vance made in 1793? Did not the Bank cash those bills? It was
assumed thatliedn.
Gentlemen the liemankanwhaas
had argued e concerned
it dinwtouhehttrannosith
be necessary
ye
for the Bank to do so, because the inane of Exchequer bills would
bring out money for other parties. That might be am or it might
not. But if it should not, then the Bank must great the
accommodation. The Bight Honourable Gentleman had no
eight to assume that the Bank would do so, but alien he
considered the measure of Government
he did not assume that
the lending money by the Rank would notalways be the fact. •
the Right Honourable Gentleman had
(the Chancellor of the E U
a tight to assume that he
:chequer) was right in assuming the
averse, and he were to cash these Ex-
chequercalled would say that it the Bank
bills, they might be
stances when it would be inconsistent upon to do it under circum-
stance withtheir '
own interests. But
if the Bank granted these issues,they would do so in the full
knowledge of every circumstance that,
a situation to feel every vibration
thtough and influenced all of that golden chain that ran
acted on their own resroasibility,
classes of solely. When the Bank
, and upim their own tint if

what they could do with 'safety, they would have it in their power
to make the issues consistently with their own intercom But if
Parliament were to grint Exchequer bills, to be iseited by tleim-
tniessioners unacquainted with the circumstances that influenced the
money market. dime Commissioners might be pouring out the
bilk at the very 'eminent when the state of the market was against
them. and which the Bank of England must cash. (Hear.) Thus
the liatik iiiig'it be plared in a state of danger any jeopardy greater
than by any other cause. That suppose the Bank were to may they
would not cash thee Exchequer bill.? Suppose they were to at-
lege that as they did not know by what principles the Commie-
shiners might be guided in the issues they made, they would
therefore not cash them all? Chat would he the effect of that
conduct? If they would not cloth them, he apprehended persons
would much rather have Bank notes than a parcel of Exchequer
bills. And the effect would he that if those bills were not taken
pp by somebody, either by the Bank of England or by private
bankers, the market would be overlaid by Exchequer bills, which
would necessarily have the tendency to produce a depreciation in
their value. IF this result were to happen, he should like to know
'how the revenue would be affected ? Because if by the over-issue
of Exchequer bills they were brought down to a discount, a m-
edium was then immediately given to persons who held them to
pay them into the revenue ; the consequence of which would be, that
the revenue would experience a defalcation, and they must come at
last to the Bank. (Hear.) The effect of all this might be, that Go.
vernment must stand still, of they must make those very issues
which the House muethnve seen had already heen productive of so
much inconvenience; and that a further issue could only increase
the magnitude of the evil. Unless, therefore, the Bank wee in
some way or the other, mote or lees, a party to this business, it was
utterly implausible that relief could be given.• When the Right
Hon. Gent. alluded to the secrecy requisite he (the Chancellor of the
Exchequer) was at first somewhat struck. But certainly when he came
to discus's with persons who were very ready to receive assistance he
found none of that excessivedelicacy which had beenso much spoken of.
He discovered that when persons saw that the crisis had affected all
alike,because nobody would lend ; and that they were not peculiar
in their situation, they considered it to be no discredit to them to
go anywhere to get money on goods which the formerley obtained
on credit. They said, ' we are not insolvent, it is not mere credit
that we ask, it is something 'substantial that we propose us a secu-
rity, and something on which credit may be well founded." lie
could not for the life of him conceive what could induce anybody
to he afraid to take that coulee, and so far ask relief. Surely one
great proof that they were, sound and solvent would be to
go with confidence, produce their goods, and ask fur this
assistance ilt the face of slaa. Widen the Right Honourable
Gentleman talked of 'secrecy(' he (the Chancellor of the Er-
chegerter) really imaginal, sous'eltaw est the other• it hag been
matte a part of the course in cases of velief by Parliament. He
looked at the Report+ and at the Acts of Parliament. and he found
there was en oath of secrecy on entering Into office, but not one
word of secrecy in any other respect. But what was the objection
urged upon the ground of secrecy ? That it was very desirible,
but not at all agreeable to merchants to gn before the Bank of Eng-
land to lay before them their affairs. But who were the persons I
appointetlas Commissioners to issue Exchequer bills ? With the
exception of Lord Sheffield and Grey Cooper, the whole of the
sixteen persons appointed on the Commitment were merchants of
the City of London, and one of them was a Bank Director. He
could not conceive why it should be assumed as a matter of course
that the Bank Directors were to avail themselves on this occasion
of the opportunity such applications would give them to make all I
sorts of sinister rumours calculated to prejudice the characters of II
those who applied them, seeing that the very Same individuals I
were those to whom the issuing of Exchequer bills were intrusted. I
unless it could be shown that as Commissioaers they felt them-
selves bound to refrain from the least obasTiation upon what
came before them, while as Bank Diresaore they would in- I
dulge in all the tittle tattle of idle and miedtievosis gossip. Ile I
believed that they would be Mterly above such an imputation.
He should be glad to know how it happened that persons went to
the Bank for Resistances now ? For though it was with the bills of
outer people, yet they endorsed them. and she Bank necessarily
looked into the security offered; and were bound to see whether
they were such as they could trust. Whether therefore the money
was to be advanced on goods or Bills of Ekchange, It was the seme
thing ; and there appeared to ba. no more danger to character in
discussing the credit and responsibility of the party in the one case
than in the other. The argument therefore founded upon the
necessity of secrecy was one which was of no weight whatever.
Now, the Right Hon. Gentleman had said that Government were
still more bound to take this course of giving relief because of the
measures of relief which has been introduced by them at the corn.
mencement of the session, and which the Right Honourable Gen-
tleman hail declared had met with his strenuoue support; but 'laid
he the measures have imposed upon Government an additional
duty, because they had been productive of the evils that este:
But in answer to this statement, he (the Chancellor of the
Exchequer) begged to say that before Parliament met, so long
ago, indeed, as the month of December last, this proposi-
tion was made to the Government, and at a time when
Exchequer bills were at has. per cent. discount. He, for
himself, thought it was a strange proposition, and Government
told the applicants then what they had told them since, that how.
ever his Majesty's Ministers regretted their distresses they did not
feel themselves justified in granting the mode of relief proposed.
But Government was not indifferent to the distresses of the country.
Was it because they set themselves decidedly against what they
considered to be a very bad exatnple that they were to be reproached
with want of feeling 1 Because. they endeavoured to see whether
or not there was no other mode of granting relief were they to be
wseweed esSasestisieesowe." Moelaliareerssited. the diastaes* of the
country. Ile admitted the ens and aso admitted that it must
be met with the beet mode of cell that ceuld be devised. They
were then to choose between two modes—the one that was dan.
gerous, and ought seldom, if ever, to be resorted to, namely, the
issuing Exchequer bills; or the other, loans by the Bank of Enz.
, ' land' which was, in fact, no other than the executing a function which
boLlzitthiahtaptaporti.cuerlatoubgodhy,
thwatbi
eathreigehntetoaperxletredciset.o : Hatiedththereetfo;wre.
vernment took upon themselves to propose it to theßank, not be.
cause they had any authority to do so, but becausse they felt that
there existed such a state of things in which such a course ought to
be taken. He never pretended to say that Goverhment would
stand upon their importance and their dignity, And do nothing at
all ; but they said they had to decide whether they would do what
was required of them or not; and after giving the question the
consideration it demanded, it was his conviction that it was the
duty of Government to leave it undone ; and Government were not
to be found fault with because they preferred a course which was
safer- easier, and more natural than that which is lees easy, lees na-
ttiest, and pregnant with danger of the worst kind. The Right Hon.
Gentleman complained that his Majesty's Ministers had used no lan-
guage of a cheenng nature. If they had indulged in such •strain they
would have been charged with drawing a picture that was untrue;
and he thought Ministers would have been treated with a much
more severe attack than that which the Right Hon. Gentleman had
treated them now; and it would have been with perfect justice,
for it would have had a prejudicial tendency to have made light of
the distresses that prevailed. He confessed he was disposed to urge
all the difficulties tinder which the country laboured, the more be-
cause he felt it to be indispensably necessary to show from whence
the greatness of those difficulties had resulted. It was the duty of M I.
nisiers to impress upon the House the nature of the difficulties they
hail to remove and to avoid the recurrence of them. But unquestion-
ably he concurred entirely with what had been 'said by the Rt. Hon
re-
Gentleman with respect to the real energy, powee, 311(1 internal
sources of this country. Ile felt convinced that lifter a little while
the pristine vigour, and although the leaveaand branches had been
shaken in the storm, still the root was deeply fixed in a fertile soil,
and the springtide of returning prosperity would again bring forth
its bloom in all its wonted freshness. (Cheers.) lie war not one
of thoee who looked at the present state of things with an eye
of despondency. He was convinced that if they took their MC3.
sures with wisdom and with a prospectiveview, they would weather
the storm ; anti though they might have to regret the force of the
distress that had been sustained in many pars of the kingdom,
still they would not have to reproach themselves for having ne-
glected to give the best consideration as to the measures that were
calculated to lewd relief to the distresses into which the country
had unhappily been thrown. (Cheers.)
Mr. A. lIARING rose, taut in consequence of the noise in the
gallery, occasioned by person,' letting their seats, several of tire
lion. Gentleman's host sentences were entirely lost. When we
heard him the Hon. Gentleman wrupleserving
uin that alnstthoughnter
the
Chancellor of the Exchequer had ben argg agai the i
ference of Government with the distresses of the cuuntry et the
. y
conclusion of the Right light Her: Gent
to all those objections. (Hear, hear.) For the I , , ,
Hon. Gentleman's speech was nn gnawer
had informed the House that night that his Mujeety s Ministers
The Right lion. Gentleman
hid
wwthaint terit fweretaaltso. wtialeettarriyheer.)
a month since lie hd been Fussed
by the merchants of London to grant relief, and flirt refusal upon
' hided d
Hon. Gentleman had stated that hire had at lengt ear, ,an had
refusal was given at the Treasury but now, after all, the Right
interfered to obtain the relief requd. (Hear, ht ehear, front
the Chancellor of the Exchequer.) Ile only spoke,
ih Directors r
t one o wom
of the Bank and with other per dot
Infiniti s
h could not see the
wanted the relief for themselves, but that ey ,
Right lion. Gentleman had la communicateiuenes waltwl thef
to his Majesty's Ministers, and
Gentleman to represent the distress
Government however, hod persisted in their
grant some relief. tae
country placed in such a situation without begging the Right Hon.
i hail now been done had been
refusal till to-night. If
to say that the Honourable
avoided. He slid not
_mean Wilson) had intimidated the
Member for London (dßani
it
granting relief, but it
done two or three weeks swgo, muchnnitihisintrgessofwoaunldv have
k been
iiltinitht lion. Gentleman had
Goverenment. but until ir g
nment doing what was asked, but in
ended at last not in rimer
the Bank Directors had day after day
Zul.keenfroatol.n3igihiatisitnedera.etlili!ltithbaectnthilge
hoeing the Bank to do wiiat
.aialt. They knew perfectly well that
begged to be excused from
was
alowtat
objectionable, and they begged
the precedent with them
to that preeedent on record, and
PO beaCtiClai to the country. With
t.er
which,n ie nt
whento
.i "ta non-interfsrence of Government on
regard to the objection
'inconvenience of setting a precedent, he
th euse occasions, and thee
t;atattonent Imo
the
precedent of Mr.
w sold remark, that tie those matters was great. The intensity
P.tt, whose authority 2 was greater, probably, than any
and what was there in the present
one
hatetaveptedne,ourse
it out of the course of precedents ?
c tee which should ta e i to be laid upon the fact that in the
of the
ee
eap,retesettilltatdeitsateterasket i4ed ;
So one stress indeed ace
-tent case, for what hail been the great
netivere the result of the conduct of the Go:
under which the country laboured in
difficulty ? The diffieu
ay
1 things'• was the want of the circulating
t tat extraordinary state.
ear want of confidence. Many persons, hay.
mediem of the countryilso .., e
ow
et he
iatrtnceanstes.
Bt huet dot:twee:li t
fail nor w.mt of antrey. One-fourth
ine plenty of [lnaba° ,