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

THE_ tRITI§Ik PAESS.

. - -
• . .
deed, that is welsimprieihtito enter upon etch a complicated epee.
titan as to hew. fuetlie nature of the circulation.-.hew fir the part i.
cello meaeute of Isstl 0
one and two pound notes—hpw fat the de.
immure front lite.eyste circulation adopted by Pediment. or
how far the nature td the moropoly of tke Bank, or the spirit of
SPeCUMUgn, might hat operated in producing that evil which was
itteitaxxiat. Aldhat be theta wished ea* to -*Wiest • reserve
upon file dint part of elty opinion as to the poSsibility of applying
-a formerly". as his 31a}psy's Governinent had suggested. Inuit
Ile gathered from thei to correct it. He did not wish
Steal was, that the evil existed.. and that
Ministers ware dite
to ask the
nature of correctivesln contemplation, because the Address, to
to
which he gave his full aryl cordial assent, the not pledge the (Irmo
to their adoption. l'ponthe Corn lows, after mature deliberation,
lie ha.l formed a tleciduleapinion ; but he did rim feel disposed to
pledge the House to ate measure respecting them, unassisted by
.14txu
the information which covernment was endeavouring to procure
upon that question, the thok of which must be considered with
reference to the state offetormicy and prices. It was uuerly im.
possible to separate then boat each other, or to separate all from
' the principles of free track. All must be considered in their eels,.
tire bearing* upon each ether. The Noble Marquis concluded by
alluding to the situation of Ireland, which be was happy to observe
bad not been overlooked h the Speech from the throne.
The Earl "fI.IVERPOOL said that he did nut feel warranted
in then entering upon the discussion of a questiva of such great
Political importance se the mate of the money market in this
country; but after what had just fallen form the Noble Marquis
lie felt disinclined to rennin wholly silent. He felt that the subject
was too deeply importer* to the public for him to entertain any
reserve in diseloaing the orreetivem which it was presumed might
be beneficially applied to tee existing crib. The convulaior.s which
had recently occurred in the commercial sunlit were not unexpected,
at least by him ; for in Moth last, it might be recollected that he
Had not taken, but createden opportunity for delivering his opinion
as to the probable result el the rash speculations then at their very
height, and that he had doleful, that if those consequences which
he apprehended did occur, the remedies which had formerly been
applied on similar emergencies would not again be resorted to, tont
that the sufferers must aide by the consequences of their own in-
discretion, and not expect *chef front Parliament. One cause of
the convulsions which had leken place was so prominent—so ex-
tremely obvious, es to be in itself completely sufficient to account
' for all the evils that had hapotmed. Their lordships would doubt-
less recollect the mad spirif of apeculation, which was not merely
confined to the metropolis, but extended itself throughout the
country through the medium of the country banks. That this
spirit had so extended itself might be gathered from the progres-
sive state of the currency of the country banks. It was true that I
.
this could not be caleclated to a nicety, but yet the number of
notes stamped in each yearn the Stamp Office afforded a tolerably
correct criterion by which to form an estimate. In each of the
years 1821-2-3 there had been homed 4.200.0001., with a very trilling
variation ; but in 1824, when this mad spirit of speculation began
to prevail, the country banks' circulation increased to six millions;
land ittlB2s, when that spirit wax at lie height, die circulation
amounted to eight millions, titus doublieg what it bad been prior
to the commencement of those speculations. Ile thought that that
one fact was sufficient to account for all the ettectit which 1134 fol.
lowed the spirit of overtrading, and which had so deeply involved
the general interests of the country. There had been sonic
increase in the issue of Bank of England paper during the
same period, but it bore no proportion to the increase of lb. issues
Of the country banks. The Noble Lord (Teynham) had implied I
that lowering the rato of interest upon the national debt had in
sonic degree tended to the distresses of the country ; but the re-
duction of the interest on the public securities was a necessary con-
sequence of the peace end prosperity of the country, and govern-
meat would have been highly criminal if they had embraced that
opportunity of taking 1,500,11001. from the public burdens. This
was a subject which might be discussed at length hereafter, but it
appeared to him that the existing evils themselves pointed out the
remedy which ought to he applied—a remedy which could not be
applied by any legislative enactment ; in short the cure was to be
found in the dangers which were individually incurred by the ape.
eulators, and in the inconvenienns to which they were exposed. If
the measures which his alajeaty's Ministers thought now expo.
dient had not been proposed before (they had been before discussed,
and why they failed was nut the question at that moment> it was
nut because the ideas were new. One was an arrangement with
the Bank to effect the gradual withdrawal of one anti two pound
notes from circulation ; the other was of still greater importance.
The country was grown too large far tho exclusive privileges of the
Bank of England. However well those privileges might have been
suited to the state of the country at the time they were granted, yet
they were now evidently injurious to its interests. Besides, the
operation of those privileges were most extraordinary and most on.
fortunate. Any baker or butcher might open a country hank, but
a solid co-fraternity could not establish one upon a substantial
and firm basis, because the charter of the bank prohibited more than
six persons from uniting in carrying on the banking business in any
part of England. The consequence of such a charter was evidently to
prevent the establishment of solid country banks, and of course the
continuance of that charter was inconsistent with sound policy. This
was one great branch of the subject; but it was to be observed that
the charter of the Bank of England did not expire until 11133: yet if
they could be induced to give tip their privllegin as far as regarded
the country, an immense benefit might be Ofected. Ile did not
imagine that they would experience any injury by doing so, as
they would be at liberty to mtablish branches of their own bank in
such districts as they might think proper. He thought it better to
state thus generally the views of his 31ajesty's Alinistersio prevent
tiny mistake upon the subject. With respect to another very im-
portant matter he would also suffer an observation. Taking a
variety of circumstances into consideration with respect to the re-
vision of the corn laws, he was of opinion (as we understood the
Noble Earl) that in the present stale of the country that question '
did not press itself so immediately upon the consideration of Par-
liament. in the last Sesaion a measure had been adopted relative
to the importation of Canadian corn which would not expire until
1827. He was not inattentive to the subject, but he was not err-
tnin as to whether it would he brought under the consideration of
the 110u..e in the course of the present Session. With regard to
what had fallen from the Noble Earl (Grosvenot) as to his Ma-
jesty's attendance to open the Session, he could not perceive the
use or, propriety of introducing the subject; but in consequence of
those observations he felt it necessary to state that his Majesty's ab-
sence was to be attributed solely to indisposition. '
Earl GROSVENOR explained.
The Earl of GAUNARVON then rose. His Lordship said '
that if the Government should be able to obtain greater security for
the IninkOsig establishment, it would unquestionably be productive
of universal benefit. If they could place the bauking system on
die same plan which was pursued in the North, for instance, they
I would arrive at that state of security which was so desirable. The
present difficulties might be overcome; but unless something were
done, not merely of a teinpoury remedy. the country must inevi-
tably be howlyed in difficulties of it most alarming nature. His
Lordship objected to shifting from one system to another from year
to year: se long as this were done the commerce of the country
would be ie any state rather than that of prosperity. The Speech
might look forward to years of peace and improvement, and It
might be possible that we bad arrived at that state of knowledge
which would enable us to leg6late in relation to the currency
With edict. if we were to make •any alterations it would be
better to make them at once than to adopt any graduated system.
It was such sort of temporising that had given to the silk manu. I,
lecturer a bonus for everetot king the country.
The Earl of LAUDERDALE had always conceived that a
pima currency convertible Into guild on demand was beneficial to
the best interests of the country. There was cause enough for the
evils complained of, without attributing them to any fault in the
currency system. There could be little doubt but that they were
mainly attributable to the extraordinary demand for capital. Let
it be recollected that seventeen mfilions had been so employed.
Suppose there had been a levy for loans to this amount, for the
Purpose of carrying on a war, what would have been the result?
It might be recollected whit a convulsion was produced by
13,64111,10e1/. only being required. The evils so universally felt
were the natural result of having to make payments for the apecus
lotions of companies, &c. As lung as his Lordship could recollect,
out and two-pound notes had been in circulation. " Anti if (con.
aimed his Lordship) one of the alterations preposed should be to
alter this system. for God's sake let it not extend to Scotland, which
has, under the paper currency, enjoyed such a state of prosperity."
'i'he Address was then agreed to without a division, and their
Lordships adjourned tilt ohmage. -

. .
—ipim•---
HOUSE OF COMMONS, TUURSDAry Fol. 3.

This day the House met for& despatch of public business. The
Speaker entered the !louse at two o'clock with the usual Cornish.
ties. The Usher of the Black Rod having entered, requested the
attendance of the Gammons in the Ilause of Peers, whither the
Speaker immediately proceeded. attroded by the 31eathers then
present. On his tetuni he informed the House that the Session
was open under the Coutnission of his Majesty.
On the motion of Mr. lonshinmon, writs were then ordered to
he issued fm, the election of Representatives in Parliament for the
Borough of Corfe Castle, in Inc mob of Beni). Bankes, Esq. who
has accepted of the Chiltern Hundreds : fur the Borough of Ban.
bury. in the place of !Lineage Legge, Csq. who has been appointed
Commissioner of CUMI.OIIII for the Borough of Newport (in Corn.
wall), in the place of William Northey, lisq- deceased and, no the
motion of Mr. Itrogtlm. for the Borough of Warwick, in the room
of Charles Milts. Eso. deceased.
3lr. P. Gil ENFE LI, moved thr an Account ()elite Balances and
Public Money in the hands of the Bank to England : of the Al-
lowances fn ttre Bank toy the Management of thy Public Debt ; and
fur other litiblje h rricea—Ordered.
The Clandestine Outlawry Bill was read a first time.
• The SPEAKER then Wormed the House that he had heard
read the gracious Speech of big, Majesiy,wbich, to prevent mistakes,
he would read again.
The Speech being then read from the Chair,
Mr. STUART WORT LEY, jdo. rose fur the par poso of mov.
irg the Address. The tone of voice in which die lion. Member
delivered himself rendered him very inaudible in the gallery. As
well as we could collect he said that he presented hintsellto the notice
of the House with considerable apprehension. It was rather dis-
couraging t'or ti young man to address the Douse on such an occa-
sion, fur the lino time : but it' any thing could diminish that appre-
lictisiim. at was the relectinti that die subjecta which lie would hare
tn adve,t to were of a cheerful and agreeable description. Ile
telt persuaded that the Muttse would treat him with indulgence,
and not attritmte any deficiency Orbit to the intrinsic merit and ex.
ccUenec of tie subject width engaged their attention. In the task
he was to perform he hail to follow his predecessors in speaking in
term of unqualified praise and panegyric of the progressive-im-
provement which marked the htssOrr of the Preceding year. lie.
however, felt in his ctmseiencs that he had much moire and mat-
ter lot congrati,datian,. thas2onother year bad strengthened and

eonatrioxi those enticipitic;ns of prosperity with which it
Ind begun. It could not be denied that the coniTer-
citil interests •of the country had felt a severe shock. The
m osmiu of his Majesty's S Moisten; on this subjeetwasentitleJ to
'the highest commendation; they declared cendidly, openly, and
manfulty the existence of the evil ; they did not nnunto its cause
they lett thoellaweseeoeleritto its knonledge on that subject from
their nwn observation and reflection. There were, indeed, many
/games of tesemblance between the present embarrassments and
these which prevailed in the years 1793 and 179:i. At the
former period Amu loss and inconvenience tome to the coos.
monist interests of the country from a difficulty to obtain
discounts. In 1793 we were at the commencement of a trek
mendous war, which drew largely on the resonates of the
(many, and made a constant and accumulated demand upon the
currency to supply foreign subsidies and to meet foreign expenses.;
17108 wasa gloomy mild; we were engaged in In arduous corm.
rental war, and were in alarm of foreign invasion, while at the same
time the domestic state of the country was in great agitation ; but
in both those cases the country had persevered in a bold struggle,
and met the diffiewhies it had to contend with with resolution ; the
result was cemmensurate with that spirit, and was crowned with
success. There wss, indeed, one snaking difference between the
state of of ein at those periods and that to which lie now alluded.
At present there was no foreign war, no alarm of foreign mvasion,
no si ',nestle disturbances, and consequently we 'Mount look for the
source of this commercial distress in some other cause. If the
question was examined, the cause of those defaleatioas would be
apparent. At the beginning of the year there waselppereban.
dance of capital,which induced petering to invest prop y in foreign
loans and foreign speculations, which turned much of the circulet-
ing money of the country into other channels. This appeared to
him the most rational way to account for those eztraordivary
failures whirls had unfortunately lately prevailed to such an alarm-
ingextent ; lot whatever might have been the distant causes which
led to those unhappy results, there was one proximate cause which
sprung out of the banking system. where country banks, without
any security and without any reetricion, had made issues which
they were nut afterwards able to take up, and thus by this system
practised a species of frnuil upon the public. The golien circu.
lation was drawn to other mune'', and the paper currency obtained
a morbid circulation. It was alvittnl to make large issues of money
where there were_ no funds to meet a demand fur payment ; but
however lie might deplore the diverts and hardship which visited
the commercial world, yet be hoped that even good might arise
from that evil, and that great advantage would be derived from the
lesson it taught. It would, he felt assured, prove its own cur.
rective.. Let country banks limit their issues to their tucans--Ict
merchat t% restrain the passion for over-trailing which spreads itself
every direction, rind the present gloomy prospect would improve,
and brighter views break in upon us, 1 he conduce of the Bank
of England was calculated to raise It higher in public estimation
if
,possible, and it was entitled to the gratitude of the country for
its judicious and liberal behaviour. Much of the misery which
prevailed might also be ascribed to the freedom of trade which had
been lately encouraged (which of course opened a field for ex-
tensive .speculation). and to the !attire of the Combination Laws.
For his own part he waefriendly to the spirit of free trade; upon an
enlightened and educated public it must have the mow salutary
effects. The continuance of friendly relations with foreign coun-
tries was a subject of gratulation. In several parts of the world
commercial treaties had been, entered into, and those with the New
World were not less distinguished for the security they afforded for
the intercourse of trade, than for the spirit with which they were
accomplished. The Spanish Colonic', had been engaged for fifteen
years in a contest with the mother country for their political inde-
pendence. This country preserved a strict neutrality. When
taking the precedence in acknowledging the independence of those
young republics, England might have made favourable terms for
her own commerce, but she sought no such means to promote her
own interests; she applied to the parent country to learn her feel.
hogs towards her colonies, and gave her the choice of fire acknow.
!edging them. In forming those treaties she made en stipulations.
no terms for her exclusive advantage. Some differences maw
between Portugal and Brazil. The hereditary Prince was placed
upon the throne of Brad, and a war, the consequences of which
could not be calculated, ensued. Through the friendly mediation
of this country, the coils of that war have been prevented; a
treaty has been concluded between both countries, by which
peace was restored and the independence of Brazil secured. We
offered our mediation in a spirit of peace and good will, and in
that spirit it was accepted- It was a proud and gratifying view to
see England employed in the noble task of reconciling nations, thus
proving, that us by her insular position she was locally placed be-
tween both heinispheres,she was so much so in amoral sense to con.
ciliate to each other t he go vemments of countries so widely separated.
Europe was at present disturbed only in one quarter—he meant in
Greece. From the peculiar nature of the war in that country, it
was difficult to bring the contending powers to a just sense of their
own interest ; but he was not entirely without hope that the trou-
bles with which that country was now afflicted would be ultimately
settled. As to the Burmese war, it was as yet protracted„which was
owing in a great measure to the nature of the climate; but there
were well-founded expectations that it would soon be brought to a
close. With regard to the national revenue, although there was a
falling off in the last quarter's receipts, yet this deficiency was by
no means unexpected ; and he had the pleasure of adding, that the
results of the whole year's accounts were most satisfactory. To
Ireland he could point with great pleasure. In that country there
appeared to prevail a spirit of tranquillity. united with a greater
unanimity than perhaps was ever betme known. There could be
no doubt that the salutary measeres recommended by the Commit.
tee of the Last Session had done much to produce this gratifying
result. lie had DOM touched upon every topic which lie deemed it
necessary to notice; bust lie could not conclude without observing
than in moving the Address which lie held in his hand, he was not
actuated by servility, but by loyalty. He called for no expression
of political sentiment, but as an individual he felt a high degree of
gratitude, arising from the prosperity which we enjoyed, and which
he thought was mainly attributable to the wise and steady coulee
of policy which had been pnrwed. The lion. Gentleman con-
eluded with moving that the Address (which as usual was an echo
of the Speech) should be presented to his Majesty, in answer to his
gracious Speech.
31r. GREEN rose to second the motion. The Ilsinourable
Member said, that situated as this country was, and owing its
prosperity principally to its manufacturing greatness, it would
have ill become the Government of this country, at a season like
the present, to have held back, or to have failed in bringing for.
ward, the subject of commercial diet.ess in an open audemanly
manner before Parliament. Parliament, in taking up the subject,
would see it. he was confident, in a large and comprehensive point
of view. AVhen it was considered how the percent dittresaes acted
upon credit and confidence, and how much credit and confidence
affected commercial enterprise, he was mire the House would give
its best attention to any measures which may be suggested to pre-
vent the recurrence of so great an evil. lie prayed pardon if he
repeated anything that lied fallen front the Honourable Mover, but
these were matters of material Importance, which he thought it his
duty not to pros over without observation. In the year 1793, and
again in 1797, circumstances similar to the present had occurted.
1 his therefore was not the first of a series : 1793 was the opening
of a war, and nothing was heard of but the failure of bankers ; but
now we were in profound peace, after an abundant harvest, and our
manufacturing and commercial interests in a high state of pro.
enmity. So far there was no similarity between the distresses
of the year 1793 and the present embarrassments ; but there
were features of very strong resemblance. In the year 1792
interest was at an unusually low rate. Bankers made extraordi-
nary advances, and were permitted to issue die t. notes beyond the
credit they possessed. When the country became inundated with
paper, the holders took the alarm and returned the notes, and the
failure of many banks was the natural consequence. The abun.
dance of capital should also be looked to as one of the causes of the
present distress. It must be remembered that at the commence-
ment of die last Session of Parliament capital was so abundant dint
any needy adventurer might have entered the market with his im-
practicable schemes (Hear, hear.) Was it wonderful, then, that
when the bubble burst a vacuity should remain, and that, instead of
an abundant capital, distrust should be the consequence? There
was one point which he could not avoid alluding to: it was the
conduct of the Bank of Ene,hintl, which was jus ly entitled to pub-
Idc grediude, for the prompt, ready, AI I liberal manner in which it
had come forward. The issue of small notes lytleß ink was most
seasonable, and had effected much in diminishing the inconvenience
then so generally felt. In dewing the preset* discrete too, the
House must feel that whilst speculates were trailing upon imagi-
nary capital, at the period alluded to, the beginning of last year,
front recent occurrences, large sums were laid be. to meet sudden
emergencies. It must be pleasing for the House to learn that the
liberal principles of free trade recognized by Parliament had been
productive of beneficial effects. He trusted the House would per.
severe in extending those principles. Riots and popular ebullitions
occurred under every popular government, but that was never wise.
ly urged as a reason why public liberty 'Mould be shackled, altho'
it was the ditty of every gavernment to render those ebullitiona of
popular feeling less daugeroto. Upon die sante principle it would
be unwise to loud commerce with shackles, but it was our duty to
prevent the occasional embarrassments which were the consequence
of a state of commercial freedom. Upon the subject of the present
pecuniary distresses he would say, that the House would net act
bendy or consistently if' it was satisfied with palliatives, without
striking at the root of the evil. He thought it would be productive
of much advantage if the Bank conecrited to wave a port of their
charter, and allowed bankers to form joint ato:k companies.
Banking business would then be carried on by those who under.
stood its real principles, snit not left, as it now was, to ignorant,
wild speculators, or needy adventurers. The example of Scotland
was strongly in favour of this proposition. In dint country there was
a vast paper currency, without any of the evils whtti it produced In
this country. If such a proposition were acceded to, lie thought
some restraint should he laid on to preterit the overissue ornerier.
The general welfare of die country was what every statesman should
Bold in view ; but as men it was impossible not to feel tot the Labo-
rious artisan and mechanic, whore harsi savings, perhaps, were all
placed in the notes of a neighbuuring hanker, who one day felt hint.
self in his station a rich man, and the next found that he had be-
come a beggar. These, it was true, were evils relating to indivi-
duate, but they were evils width humanity prompted us to feel.
Parliament was bound, to enter fully into those feelings, end into
the circumstances which produced those consequences. If they
peewit by these considerations they would neglect what was due to
their constituents. But if the prosperity of some particular branches
in this country had met with a temporary check, it was pleasant to
bunk to Ireland, which had rapidly improved. Re was sure every
Loglishman in that House felt as deep an Interest in the welfare of
Ireland as any Irishman couhl feel for his native land. If an evi-
dence of thiefeeling was wanted, it may be found in the investiga-
. (Wits entered into Wet Session—investigations which were not con.
144 to general topic, but ern'sraced the most minute details. He
. was nappy to learn that education was rapidly spreading itself
orwe the country, which was now tranquil; that the suggestions

of the Committee lut year had been acted on more or lets in every
instance. and that the feeling of the Government was to enter into
etery question, in order to determine what remedies could be sp.
plied to secure the permanent peace and promwsray of Ireland, /4
conceived Ibis de.trable result was likely to be accelerated in the
quantity of capital, which was so much wanted. all which we
now found -towing Imo tint country: Thha would gin ac

• --wilt ..
holders an interest in upholding a better system than hadforter.y
prevailed. lie must now advert to the new sources of wealth card
commercial speculation npened Mus in *kith America. Our pro,
section of that-country had Worded the manta of achieving Its ya.
dependence, and we were repaid by the opening of its ports hr
British enterprise. One connexion with the South Arr a
States was declared in an open and manly manner, on winch
he felt pleasure in commenting. We laid before the weld
without disguise our sentiments regarding those countries. He
said their independence was not matter of opinion, but mat."
fact, and when that tact could no longer be denied, we lost rep etae
in recognising their Independence. We were not intimirived aor
did we rush rashly and hastily to obtain our ends by means wino,
way produce consequeoces ultimately most injurious. A,
lislimen, we might have felt a satisfaction in teeing liberty ewe',
extruding its blessings over the vast continent of Anima, eat
nations were not to be led by the feelings of individuals, but 'mist
act upon enlarged principles of sontid policy. The result proved
that the policy of this country was good. We had secured O,
finendship of the new States without embmiling ourselves Sat;
the Continental Powers. We had declared our Intention, however,
of coming forward to support the colonises bad the Continents;
Powers taken any active measure' to aid Spain. By this reweu.
don we preserved the colonists and maintained the dignity of Eet.
land. It was an argument occasionally brought forward, that he.
cause Spain bad interfered between us and our colonies, we shitted
be justified in aiding her revolted colonies. This was a principle
which no gentleman would act upon in private ailkira, and::,
Englishman would wish to see acted on for the honour of his wan.
try. As to the revenue, a considerable diminution was all along
expected. The decrease, however, was only on the last cleaner,
and the revenue upon the whole year rather exceeded he, Right
lion. Friend's (the Chancellor of the Exchequer) expectancies.
This only proved what implicit reliance may be placed upon the
Right Honourable Gentleman's statements. (Hear, hear.) Three
were existing difficulties, lie admitted, but we had overcome greats,
difficulties than were now before us. We should continue to re-
move the shackles that still clung to our commerce. Undoubtedly
we had experienced • great deal of commercial prosperity since
those shackles had been affixed to it, but lie rather thought trade
Bowed in spite of those shackles, and not with their assistance. A
commercial treaty had recently been concluded with France upon
liberal and enlightened principles, and it seemed that the channe:s
for our commerce were likely rather to increase titan to diminith.
Thus situated—lreland prosperous. South America opening new
sources for the employment of English capital, our arms succesful
in the East, and at peace with all Europe.—who could say that the
favourable prognostics held forth had failed, or that our prosperity
had retrograded ? Great Britain still continued to hold her high
rank amongst the nations of the world, and in the page of history
the present distresses would be noticed as temporary, and not at
entailing any serious evils. The Hon. Gentleman concluded by
secoaditig the motion for an Address.

The Address having been read from the Chair, the Speaker ws,
~about to put the question upon it, when
Mr. EROUGHA3I rose—He said there was never an (teeniec
when there was more reason to lament the disuse of the practice of
adjourning the Mouse for some time after the King's Speech, et at
least of submitting to he nlembers the substance, if not the
Speech itself, some days before they were called upon to discuss i:.
(Hear, hear.) A King's Speech was • document of too mediim-
portance to be discussed and decided upon without an hour's notice.
and though the Speech just read did not deal much in definite pro.
I positions, sonic most important points were touched on and alluded
to, and there never wan a period when the state of the country rest.
derett it more necessary that those points should be clearly under.
stood. As the present practice left only the option of rejecting the
Address, or moving an adjournment, a measure which he did not
1 mean to avail himself of, he thought it right to enter this
.protest
for the purpose of reserving to himself the libery of opposing any
thing therein stated, or that may hereafter be brought forward, just
as if no such Address had been voted. Without such a protest
the Address would go forth to the public with the appearanc: of a
more general and unlimited concurrence in its sent/aunts than in
truth existed. The grand subject adverted to in the Speech was
the existing distresses of the country, and he confessed in common
wit& °them he felt some surprise that that subject was not more
fully enteral upon. It wasslightly alluded to in two parts of the King's
Speech; but in his (Mr. B.'s) opinion in a manlier very inadequate
to its importance. It was touched upon as a transitory difficulty; by
no means extended in its effects, and confined to our pecuniary at.
tereste. Now in his opinion the distress was general and widely
spread. It was not confined to one particular interest, !nit eetended,
if not to the whole, to the most important branches t.f oar mans-
factures anti commerce. It was his ouinion that the distress at.
fected whole districts of our most ingenious and most industriuul
mechanics; that it was more exteueive than was generally sup.
Posed, and he feared that it had not yet reached its height. In thie
state of things it Was impossible not to feel that there was one to-
pic of consolation. It was impossible not to feel that the
distress was not owing to that more liberal, as well s'
just and wise, system of commercial policy, which, happily for
the country, had lately received the sanction of his lilajesty'l
Government and of that House. The present distress war
general, and from this circumstance its independence of the com-
mercial regulations was proved. lied the distress been confined to
the silk nianufacture, which for obvious reasons was suffering
heavily, an argument would be raked upon that fact, that the dis-
tress 311,63 from the application of liberal commercial principle";
but as It so happens that the woollen, the cotton, and various
other manufactures, are suffering, which could not have been in
the slightest degree affected by the late changes, who was warranted
in saying that the circumstance did not support the protosition
that the distress was not produced by the new system of commerce!
policy? and who was warranted in saying that the tircumstanac did
not rebut the inference that distress was the consequence of rite
beral commercial system ? Of the new system of policy it was
flippantly said, that the experiment was tried, that it had failed.
and that the present distress was the result. Ile would reply, tie
experiment has nut been tried, therefore it has not tailed, and the
present distress is not the consequence. Ile could assure those
who were loudest in their complaints, that the distress of which
they complained was not the result of the new arrangement. Tee
present distress could scarcely proceed from a prospective measure,
which permitted the introduction of foreign:goods in six mouths.
%Vhen men were suffering, it was painful if not indelicate to charge
them with errors. At all events it was a thankless task to charge them
with having produced their own misery ; but he telt it his duty to
state his conviction that much of the present distress under which
certain manufacturers suffered was attributable to themselves.
The root of the evil, he believed, was overtrading. (llear,
hear, hear.) Ile would not go hack to 1;93 or 1707. There
was a recent period more analogous to the present subject.
Ile alluded to the opening of new branches of our foreign bade,
through circumstances which had lately occurred in the New
World. It was well known that trading was at that time carried
to an excess which was almost ridiculous. Silk was imported from
Hollaud to this country, and despatched from hence to south Ame-
rica. In the love for speculation, crockery-ware, and even scale&
were sent out for a venture. (A laugh.) Hut it wan not to be
said, that because discovering a new branch of trade naturally and
unavoidably led to excesses in the way of overtrading, we should
never discover a new country, or a new channel for trade ; and, on
the earne'principle, it was not because certain manufacturers had
taken advantage of a system of liberal policy, to speculate wildly,
that we should depart front that system for no other reason than that.
those manufacturers were now suffering from the consequences of
their own imprudence. He had said so much with a view nu set-
ting this matter right, so that in the minds of rational people oat
of doors the liberal system of policy should not be put in jeopardy,
by uttributing to it evils which, in tart, had never flowed trent it.
Perhaps he might have wished that there had beets some change
in the manner in which the new arrangements were carried into
effect but when the measure was approved of at the time it was
proposed, it was scarcely fair to mime forward afterwards and ob-
ject to the means by which it had been carried into execution. T: etc
was another matter touched upon in die King's Spemli, to which he
would shortly advert. Indeed there were two matters. borne time
ago, shortly after Chrienna.s, when the sealant arrived in this
cousiny of nn important event on the Continent, which gave rise to
much p .lit cal speculation, what wire the two ideas which pre-
sented themselves to every reflecting mind as reasons for depre-
cating a war ? Indeed there were three reasons suggested them-
selves for deprecating a war—the debt, the currency, and Ireland.
Now, the debt was not within our reach, but the currency was
within our reach (hear, lien) ; and Ireland was within our reach.
(Hear.) It was said that Ireland was now tranquil. In this ee
agreed with the Hon. Gmtlemen who had moved and seconded the
address. lee rejoiced at the tranquillity of Ireland, but he could
not forget that toe cause of the disturbances was not removed. Be
believed that the tranquillity which now prevailed was the result of
expectation. Something was expected from Parliament, and in
his conscience he believed that looking to Parliament with the
hope that sooner or later they would not look in vain, was the rea-
son why Ireland now presented an aspect of tranquillity. If the
Irish applied at a fitting season and in vain, in the season of dis-
tress }Aglaia' could mot look for assistance, she could not expect
tranquillity. But Ireland was now tranquil, in the hope that the
just claims of her people would ultimately meet with a favourable
consideration. In viewing this subject, he could not shut out tha
coavictiosi that the present tranquillity was ascribable in • great
degree to the efforts of the Catholic Association. So lung as the.
Catholics continual firm and united amongst themselves, and
yielded a ready obedience to the laws, although they were allowed
no participati iiii in training those lime, to long the Catholics hat
a right to cherish the reasonable expectation that the disabilities
under which they laboured would be reniuved. Those reasonable
expectations it was which kept Ireland quiet. The Honour-
able and Learned Gentleman then adverted to that part of
his Majesty's Speech which referred to the South American
States—of whom, let it be said to then immortal honour, that they
had bought unassisted their own independence. Ile was glad that
this country had now finally recognised them, and that relations of
peace and commercial intercourse had bete established ; that arnong
their allies--at least their commercial allies—they had now to true!
Colombia, and that they should soon, he trusted, hare to add one
other Republic of that vast continent, must Inmate, of grateful and
most sincere congratulation. (Hear.) He was also glad to find
that Conventions had been neticitssed swish Perna mad other
European States, copies of which Cesteatiosa hat hems laid be-
fore Parliament. With respect to the tantrehitlied •been con-
cluded between the Brazilian Empire and this eaunitr, • tram's.
ties of which he hail seen, he would fain hafto that Mooch treaty
would be ratified, and which hope was similismd bjs *tiles test it
had not yet beets se—auti he siucersly trissiesi time, is its prison

gppt, it Dews might. ( Hehr, hear.) He must protest. upon every
nee*, both of foreign policy and of domestic, against that clause
I : me parties were said mutually to have bound themselves
IOU
, aoye up,,ose to the other. all persons belonging to their mimic.
-,14-eestties, who should be accused, not only of murder. forgery,
er bankrUptCy (to which cases only such stipulations have hitherto
waded). but all those who should be accused of high treason ;
mu warn to say, for whatever political offence one or the other of the
should please to denominate high treason even though the
onercannetus invention of that species of offence should be exec.
se.. uSS was done in the time of Henry VIII. The dawns did not
°ohne its operation to those persons over whom the Government
bud any control, but, whatever the offence might he, it extended to
stable eitbes Government to put such a construction upon the
acts of individuals as to bring them within the operation of
Sh. 4 stipulation. Nothing could be more preposterous or ob.*.
parable than this, particularly as it would bind them to keep
up tam worst of all systems that was embraced by the Alien
Bill. He therefore exceedingly rejoiced, that fromwhat he could
gather. cxpcctatiois were. that this portion of the treaty, at least,
had not and most probably would not, receive the Sanction of the
Goverment. Much had been said with respect to the Bank of
England; and without wishing (tor he certainly did not wish) to
throw
ny to goo span the Bank, he could not help wishing that
an eta was put to that system by which the whole trade of this
country, not only in its money concerns, but in its commercial
*elude, wee laid under the absolute control and dominion of 24
Fe they a bank, a private company, or whoever they might
be; siLd, merely by restricting 'heir issues sad discounts to-day,
or by to-morrow enlarging them, and, when it was too late, by
stiltricting them again, should be capable of producing such con. '
loam in the property of the nation, u to amount almost to a con-
vithion of the whole empire. Ile did not any it from any distrust
of their motives; (hear, hear) but from the distrust which every'
maw must aecessart y entertain of their wisdom, their foresight, or
he might call it. their power nt prophesy (which he took it to be
utterly impossible under their circumstances they should possess) ;
that no set of men should have such • power as this without cheek
ot tonna, of which they could have none so long as they were
alone and hid no other companies to compete with. %'hen there
shoed be one or two other companies Mae up and afford this whole.
some restraint, then. and not till then, would it be safe that each
.an establishment should exist. He thought, by what he might
gather from the Speech from the Throne, that it was the intention
of his Majesty's Government to propose some alterations of the
banking system, and for that reason he should at present abstain •
him wing any thing more upon the subject to which he had al-
lujeti, only fur the purpose of stating it as his opinion, that the
preset system was one of the principal causes of the existing dis-
tress of the country. He wished once more to observe, that in not
opposing the Address to the Throne, he desired it to be understood
teat he was pursuing only the courtesy that was usual en Ruch an
wess.on, and he resereUl- to himself the utmost right of discussion
upon any measure that might be brought forward respecting all or
any of the topics adverted to in it.
Mr. ROBERTSON was of opinion that the present distress of
the country had been caused by the commercial part of the empire.
The policy that had brought the present calamities on the country
1r As of ten years' duration ; they had been grsduully coming to.
words the present crisis, but this was only one step towards the
teal ruin of the empire, which would inevitably ensue unless this
Mouse stepped forward and used its influence to check it. lie
would prove what be had to state, upon the ground laid down by
the Right Hoo. the President of the Board of Trade tift:•en rears
ago; and also in a statement made by him in 1819. That Right
lion. Gentleman. in mentioning the mistaken tuitions that were
then abroad. observed that an excess of exports over imports was
no proof of the prosperity of the country. s i tar he (Mr. Robert.
son) agreed with the Right lion. Gentleman ; but the statement
then proceeded:—" that such a circumstance was only • proof of
the expenditure of the country; but it did not follow that this ex.
tees was not beneficial to the country." Here he (Mr. It.) differed
nom the Right lion. Gentleman, for he would show that such an
eras of exports was moat injurious. and was the cause of the
troubles now brought Upon them. Since the peace there had been
a. excess of exposits beyond the imports of 189 millions sterling,
and no return had been made to compensate for the Inet thus en-
dured. The average amount of exports up to 1824 were about Id
or 13 millions stetting' but during the last year they amounted to
no less than 21 or 25 millions: the question then was, whether this
country was capable to endure a constant absorption of so much
wealth. '.'hen Mr. Pitt governed this esantry the carve of ex-
wet' ware not so great. From the peace with America to the
breaking out of the .French war the amount of excels nt expuns
over imports was 400.0001. which was accounted for by the support
of English armies alnoad ; but not a shilling went out in the way
of commerce that was not retomed in some way or the tither. From
17107 us l:hhl the excess of exports beyond imports was dicta et
milkers; but the extent of the force which this country had to
support 1! I kweign states would fully account for this excess' ; and
this cum+ increased during the latter period of the war when a
great form was maintained by Government in Spain. During all
this erne. therefore, they could perfectly account for the excess ;
but when they arrived at a period of peace they beheld a further
increase of exports without any
.return. Here then they had at
since the cause of all the distress in the country. If they would but
keep this capital it would give an increased demand for labour
proportsonate to the increase of population ; from this root wouhl'
spring all the prosperity of the country. If it were asked how this
copied could be retained, the answer was, by giving encouragement to
the English manufacturer r but this absurd system of free trade first
of all admitted manufacture. of other countries into thie; thus press-
ing slosal our own manufactures. The general argument advanced in
ftrour of this system waa.that this country could compete with the
nations on the Continent; and that this nation bad it in its power
to retain its monopoly. There could not, however, he a more ab-
eam proposition there could be no competition between this and
other countries, for the circumstances relating to England and the
Continent were not the same. England was permed down with a
load of debt. which would not sutler her manufacturere to compete
with those of foreign countries. The labouring people of this cation
were at this moment pouter probably than any other people in the
world. (Hear The Hon. Member then adverted to the system of
joint•stock companies, which he condemned as being fraught with
the most dangerous consequences to the country ; and stated that
wee the last Session of Parliament a charter had been granted by
the Crown to a company, enabling them to tarry on a great system
of trade, similar to that of the East India Company, which be coo.
rived to be lneonsisttnt with the doctrine of free trade. The object
of the company was to encourage the cultivation of silk in England,
inland, and the Colonies. Such a complus), was calculated to ruin
an :hose who were already embarked id that trade; and the Hon.
Gentleman prognosticated that it would in less than ten or fifteen
years involve thousands in ruin. Ile watt really distressed to men.
tom the names of the perso. • who appeared to be coneernee in this
conpary. This President was the Marquis of Lansdown. Among
the Vice-Presidents acre the Earl of Liverpool and Mr.
son, and among the directors would be found Henry Brougham,
tea: bI.P. (much laughter), Pascoe Grentell, Esq. (laughter) and
others. Rae then was a combination from both sides of the
House in promoting the most injurious proposition that ever iris'
given out. There was semething peculiar in tins with regard to the
Presideut of the Board of Trade. It would be remembered that
that Right Honourable Gentleman had, in a publication some time
ego, ridiculed the attempt on the pant of France to force the growth
of cotton In that country, and yet the Right Hon. Gentleman was
now encouraging the attempt to raise bad silk in this. This was
another gross piece of inconsistency on the part of his Majesty's
Government. The folly of this country had in a great measure
brought about the evils k now mattered ; therefore he could not
arm with that part of the Royal speech which said that the ills of
thy country were not within the reach of Parliament. They were
within the much of the House, and they had only to encourage the
home manorattnese and the agricultural interest, and not to con.
Maui that preference to foreign commerce which it wee now the
erten TO do.
Cho CHANCELLOR of the EXCHEQUER observed, that as
he did DOS puke* eommehend the argument which the Hon.
Member for °reimposed failr. Robertson) had just delivered, lie
really felt himself enure!, at a loss how to reply to it. The speech
of the Hon. Gehtieman appeared to contain some propositions of a
very startling nature, and if carried into effect would not only lead
to as extent which would destroy the foreign commerce of the
country, but would annihilate its whole trade and industry also.
'this appesn_e to him to be the natural result of the system which
enec eto.,. Wend'', recommended, because he 4/goad, in the first
place, thee great evil arose owing to time excess of exports over im-
ports, and that now the same consequences were likely to follow
from to great an excess of imports. flow these propositions were
to he reconciled he could not tell, and he would therefore leave it
for the lion. Member himself to explain. Now with regard to the
charge of inconsistency. and of the mo is weighty or or which the
Hu. Member had made against his Alajesty's3linisters : a charge
that bad been so strongly put, that he (the Chancellor of the Ex-
tthequer) Imo quite suitounded wheu the Hon. Gentleman began to
Introduce it, and could not imagine what in the world his Majesty's
Min:refs had been : hilt, whot, lo and behold ! it turned out
that some gentleman belonging to his Majesty's Ministers,
like several other gentlemen, both in and out of the British
Pilkhrletr, did not refuse to allow their names to stand .:ss
honorary directors to, as it appeared to him, one of time most
innoceot speculations that could possibly be entered into.
Whether it was likely to succeed, he was not competent to say,
tor he bad not any concern in the undertaking. It appeared, how.
ever. to him that it would be a very desirable object, if it could
be accomplished, and one which would by, no means tend to a
monopoly, as the Honourable Member had supposed. Then the
Honourable Gentleman proceeded to reflect upon the Right Ho.
marshle the President of the Board of Trade, by ascribing to him
theelsistency in suffering his name to be used in a speculation of
chic nature, thou lh not as a partner, but as an Honorary Member
; and this charge was not founded upon any argument against
the Policy of the company itself, but *as sustained by a reference
ro 4"Me remarks which his (the Ctisncellor of the Exchequer's)
night Hun. Friend hail made, some fifteen or sixteen years ago,.
'll 4 Pamphlet which lie had published upon the Dunkin question,
in *lnch he reflected on some very absurd act* by the Government
c.).! France. These acts were in forcing individuals to cultivate
re growth of wen* erry indifferent cotton, and to plant some
tons which were -Se be substituted for coffee, and also to plant
iylifferent species of beet-root, in order to produce an interior
kllr of nine. But there happened to be this essential difference
Dot"_leel these two cases, that the principle adopted in France was
"q 1„ fulsory whereas• the silk company alluded to by the 1114-
i!'"hile !Heather tMr. Robertson) had not the least idea to foe.
meactioab to raise er cultivate seek. Ile did not believe there
"frbteg to he formed In the charter to compel the H
4klitleman to plant a single mulherry.tree on hie estate. (A
!hitt tout which was attempted in Frame and epee
Right Honourable Friend had animadvert' ed, was INK
finding he had no colonic' from widelb-lbn
"c 44 litho sugar, cotton, or coffee, absurdly Mk

by which. he 'ought to cone:m.l his subjects to cultivate their
land. iu the iMsertiole nut's futile attempt to produce those
armies ; therefor* there wale not the slightest similarity between
the case of the Silk Corupany and that to which his Right
Honourable Friend had referred. Ile could My nothing more
in answer to the Hon. Gentleman's speech than "this. He would
take this opportunity to explain some points oil which the Hon.
and Learned Gentleman (Mr. Brougham) entertained doubts nu
that most important part of Ina Alejesty's Speech, upon which
he had commented. He (the Chancellor of the Exchequer)
must ascribe a considerable portion of observation, tench the
Hon. and Learned Gentleman had spared in his comments, to
a want of information of what the nature of the measures might
be which would be proposed to the House. But. at the woetime, he must do justice to the Hon. and Learned Gentleman,
and say, that where the subjects were of a nature so important,
and were calculated to excite so much feeling in the country,
ice consequence of this great extent of distress which had fallen
upon at, something was due to the Hon. and Learned Gentle-
man for the very moderate andi candid way in which he had ex-
premed himself. But lie did not think that the Hon. and Gentle.
man was quite correct in that part of his comments in which
he said that the Speech had treated that most important subject
an too slight and cursory a manner. Nothing could be more
distant from the intentions of his Majesty's Ministers than such I
a circumstance. Nothing was more remote from their minds
than to treat that state of things which unhappily did exist, and
which none could more sincerely regret than -themselves, with a
lightness or indifference. lie, for his part, did nut know
what materials they should be made of, were they capable
of being unconcerned at a state of things which every one must
acknowledge did exist, and which all who desired the welfare
of their country were pained to witness and anxious to remove.
(Hear, hear.) And his 3lajesty's Ministers, indeed, thought that
the best proof that they did not look upon these distresses with.
out indifference, would be to place that most important topic
before all others in the Speech from the Throne, in order to show
the people that they did sympathise deeply in their distress. (hear,
hear), and not only prove to them that the Government had given
the earliest attention to these evils, but also to call upon Parliament
to adept the promptest measures by which these calamities might
be removed. He was sure It was perfectly impossible for any
person who reflected on the pettiest distresses not to have seen thst
they had in a great measure arisen, and might again arise, not only
in this country. but in all countries, from cireunistancesover which
no legislature could have any control. In, all commercialcottu.
tries where so much enterprise, so much speculation, and so much
industry was encouraged, it was impossible for human laws to con-
trol the proportion of that tendency which constituted, in fact. the
law of all human society. Similar evils were experienced in 1816
and 1817. and ware overcome without any legislative attempt to
remove them. The period of extreme depression in 1616 was
followed by a very rapid revolution of prosperity, resulting, in
fact, out of that extreme depression ; but that was not brought
about by any forced causes, but by the very nature of things ; be.
Cause, where people had been deprived of that which they onli.
wally possessed, they returned to the enjoyment of them with
greater avidity, from the very circumstance that they had been for a
time withheld from them. In point of tact, all the difficulties in
which the country had been involved had arisen from causes which
were out of the control of any government or legislature; and lie
was very certain that if any person were to attempt to legislate,
whether for the encouragement of fotrign commerce, or for the
home interests of manufacturers or agriculturist", upon the as-
sumption that all persons engaged therein would necessarily be
provident (hear, hear), lie would be acting upon the most visionary
speculation, and would inevitably be disappointed in the end.
Wear, hear.) But undoubtedly there were measures which it was •
very competent for Parliament or Government its adopt in aid of
those whose interests were atrected by these occurreuces, even in.
dependent of the question of currency. For, independently of • cur-
rency, which might exist in the soundest stste,there might be causes
to produce similar fluctuations which naturally occurred in a
country like this, where the currency was so far of a mixed nature
Abet the amount of a paper circulation exceeded very greatly the
amount of coin. But it was undoubtedly clear, that where such a
currency prevailed. the tendency of this paper was to increase ; and
that increase to be without regard to the circumstances which might
follow after it ; hut arising out of causes whirl' did not necessarily
determine precisely what was its amount. This was particularly
true with respect to the currency of country banks notes. Within
the last three or four min, he understood an inmate had taken
place in the circulation of this description of paper money to a most
extraordinary extent. It was very difficult to ascertain with accu.
tate precision what the amount of country circulation was, which
was, he confeesed, a very great evil (Hear, hear) ; because it left
the Bank of England and the Government in comparative obscu.
rity, and drove them to other means of forming a criteria by which
the excess or deficiency of the circulation might be estimated. But
not being able to possess any very precise information on the sub.
ject, they bad however the power of coming to an approximation of
fact by means of the stamps which were affixed to country bank
notes. It wan locality estimated that country bank paper circulated
about three years upon an average—mmetimes it wan more, and
sometimes less; therefore, if they multiplied the number of stamps
by three, the result would give the probable amount of the eircula.
Lion. In the year 11120 there appeared to hare been 3,4113.9011.
stamped, and in likil 4,438,5434 at which time there was evidently
no excess of circulation, because then preparations were making
tbr the Bank Restrietion Act, although, he should observe, that
at that time there wee a very rapid increase of the general improve- I
meet of the trade of the country. But in the year 1825 the amount
of country notes had got up from 4,41.8.5481.. which he had stated
to be the amount in IS/I. to no less than 8,750.11001. ( Hear, hear.)
Now it was impossible to look at tide excessive increase of circula-
tion without seeing the share it must inevitably have had in pro-
ducing a rim of prices of all kinds, and which must necessarily
have led to the extention of all that speculation which naturally
arose from the impulse all men had to make the must of their
money. A great deal of difficulty and evil li.• I undoubtedly arisen
from the circulation of this banking system : he particularly al.
laded to the issuing of one-pound notes. (Hear.) It had already
been referred to his Hon. friend (Mr. Green), who had shown by
his onservations how well he understood in what degree the public
might suffer from this species of currency, which principally got
into the bawls of the lower class of persons (hear, hear), anti
the moment a country bank broke, thousands and thousands were
absolutely deprived of their all. Whatever advantages, therefore,
commercial or foreign trade might derive—whatever benefits agri-
chlottal interests might experience—whatever aid the manufacturer
might possess from the extensive issues of this paper-money—lo
whatever cid real benefit any body could extract from it, lie would
say that the circumstances of consigning to misery so many thou-
sands outweighed them all, and he would say were out of the way
beyond all possible calculation of the good that it produced.
It was indispensably necessary for Parliament to apply some
remedy to the state of affairs to which lie had adverted. On this
head, -however, the House would not expect him at the present
moment to go into matters of detail. It would, however, be neces-
tary to proceed with extreme caution in disturbing the currency cf
the country. !tut at the same time that the propriety of proceeding
with prudence was inculcated it was clear that the circumstances in
which we were placed required that something must be done to
ameliorate the condition of the country. It was the privilege of
Parliament to apply the remedy, anti on its discretion he relied.
The measures intended in this respect in the year 1822 could not
cure the evils which had been experienced in 182). Ile regretted
extremely that such circumstances should have occurred as had
been witnessed during the latter period, but in hie opinion, to pre.
vent the recurrence of the evils to which he had adverted, was the
great object of consideration. Another measure of considerable
importaece affected the exclusive privilege which the Bank of Eng-
land enjoyed. In regard so this matter the House should
look to the state of the country ; for thought a single
chartered company could arrange all the affairs which the
exigencies of the state required to be managed in this de.
pertinent, yet it wo.llll be totally Inadequate to accommodate
all die wants of such a cotuary as this, presencel of the great
commercial intsreourses which she enjoyed. It might answer well
as far as the city was concerned, but it was impossible to extend its
benefits to all those parts of the kingdom where trade was so va.
riously diffused, and required a corresponding accommodation ;
therefore country bank, started to meet this necessity. When the
Bank of England was established, measures, such as the present
circumstances of the country imperatively called for, were not con-
templated ; but the country now looked for some alterations, which
brought the consideration of its charter into view. In fact, the first
thing necessary to be done was, to show that the attention of the
legislature was directed to the application of an alleviation. This
fading had induced his Majesty's Government to make a con.mu-
niemion to the Bank, fur the purpose of causing it to forego some
privileges to which it was entitled by charter. Afterwards a ne-
gotiation was entered into on this basis, and the Bank expressed its
willingness to resign some of the exclusive privileges, on the con.
ditio.i that the duration of the charter should be extended to the
year 1843 Instead of the year 1833, which was the period originally
prescribed for its termination by law. Thus the prolongation of 10
years was to be the equivalent for the advantages which the Bank
enjoyed and consented to surrender. This treaty, however, was
never carried into effect, as it was deemed impolitic to extend the
remainder of the charter to 1843. Since that time the Government
found it their duty. from the increased safety of the Bank, end
front the state of affair, to resume the negotiation on the former
principle. It was, however, distinctly understood that the privi.
lege, were not to be extended ; and it was to be stated, to the cre-
dit of the Bank, that they threw no difficulty in the way of arrange.
ment. The Directors had acted in the fairest manner, and afforded
every facility which could be expected. It was intended to assimilate
the practice of this country to that which prevailed in Ireland. The
Bank of Ireland allowed joint-stock companies to establish bank.
tug Institutions at the distance of fifty miles from Dublin. The
correspondent distance trout London would be sixty-live mile.. and
the pnnciple was to be acted un to that extent. It may besaid that
the Bank of England has riot felt all the alacrity to forego privi-
leges which might have been expected. It would, however, appear
that 'no fault was to be found with the conduct which had been
pursued on their part. He did not think that the Bank would
sustain any injury if all the desired privileges had been conceded.
Yet it should be considered dist a great deal had been yielded, and
dial a most anxious desire to promote the interests of the couetry
had been evinced. The directors ought to be allowed to judge of
the proper mode in which the interests of the Bonk should be coo-
ducted ; and however lion. Gentlemen might differ on this pnint,
they cannot deny to that establishment praise for the !Wines.
with which it has Acted to save the country from the evils which
are still endured. It is due to the Bank to state, that it has fully
consented tog resign the enjoyment of its exclusive privilege with-
out insisting on the extension of its charter, as wasforrnerly re.
reptired. It war in his contemplation to state a distinct pension.
don on this subject on the first opportunity in the course of the
Sendai). Ile did not, however, mean to be understood that
what he intended to suggest would prove a nostrum or a panacea

7
1
1
1