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the tiovernment to bring forward a discussion on the subject 1 It
wee his opinion that this question could nut be discussed with mot-
orr without doom nor with safety within. At this moment it was
hopoesible tuenter into it without etching much serious apprehen-
sion ; he even dreaded the MI cis of his own argument', and still
more the answers which be should receive from the other side ofthe
Honer. But it was impossible. after the speech of the Noble Earl
(Literpool) this night, not to go irto the question, It order to
I show VIA the whole of the Noble Earl's argument went upon
mistaken view of the real cidaniities of the country; and instead
of the measures propmed being calculated to reduce the evils that
existed, they were of all other,' the most likely to increase their
! magnitude. Before their Lordships determined upon the applica.
Oct' of a meetly, it was necessary they should ascertain the nature
of the Utie/141. His Noble Friend behind him, (Lord King we be-
lieve) hid attributed the original cause of the distresses of the
country to an excess of paper issues, and the Noble Earl opposite
had w.id to-sight that the commencement and origin of these dh.
tresses were also attributable to an excess of paper currency,
the first coneeqaence of which was a disposition to scheming,
whist bad in its turn tended to produce further and more
excessive issues. But neither his Noble Friend nor the
Noble Earl had proved to his (the Earl of Lauderdale's) satisfac-
tion, that them bad been any such excessive issue of' paper cur.
toner. How, indeed, could such a fact be ascertained ? What
at one time might be a great excess for the purpose of conducting
the transactions in which the country was engaged. might at ano-
ther time inure to be a great deficiency. They tad seen all pro-
perty, except fixed securities, expiated in the same manner wish the
currer.cy.• Was it possible that where an extension of prices in
every article of consumption occurred, the transactions of the torus.
try could he carried on with the same quantity of eirculatioo as
when prices were low ? Did the Noble Earl (Liverpool) think that
those speculations of whidi he had spoken, and of winch he (the
Earl of Lauderdale) would say a word or two presently, and the
great lamas* of commodities to which the Nuide Earl referred.
did he think that all these transactions could be carried on without
an extension of the currency ? The thing was impossible. There-
fore the only proof that could be given of the excess of paper
money was not that an actual excess had occurred, but that the
quantity of the circulation had increased beyond the Proportion of
the increased demand fur it. The Report of the Bullion Commit-
tee seemed to be summed up in one word, which was that they
!greed with Dr. Adam Smith, and all the other writers on the sub.
sect. that the only true system of the currency for the safety of the
country was the issue of paper, which was convertible into gold on
demand. It had been said that the excess of the issue of paper
money had depreciated the currency; but lie held that to be impos-
sible whilst a bank note of the value of 2Us. was convertible into coln
on demand, and whilst a sovereign was worth Ingrains of gold and
a fraction ; so that a pound note was equivalent to 123 srrainsof
gold, and which most be so unless the Noble Earl could prove that
one and the same timing bad ceased to be simile" to one another.
There was no allegation of this sort in IVA ; and no proof had
been given by the Noble Earl that that paper had increased in
culatton. hod diminished in value. After all. was bo_Pozzled to
account for this phenomena that had taken place? Was he at a
loss to account for the comae of paper, when he knew that the
transactions of the country could not be carried on without it ?
Not at all. Let us then ate (said the Noble Earl) what was the
I real cause of .11 the phenomena that existed. This naturally led
him to tile consideration of what had been done for a few years
back. It was extremely surprising to him to hear men of great
talents, talents which lit respected in the highest degree, pointing
out an excess of hotted o,:casioning the rise of prices, and deserib.
ing that excess tc be at one or two millions of the circulation. Such
a disproportionate quantity could not produce the erect ascribed to
it. But was he not Justified in attributing the present state of
things to the expenditure of the annual sum of five millioes,
which had been established as a sinking fund for this country?
The Commissioners were yearly going into the market; it matters
not whether the people were paid in the four per Cents or Exche-
quer bills, the same consequence followed ; it was five millions of
nosey thrown annually into the general scale of the capital
throughout Ohl country to seek. for employment. fie asked whe.
they it was possible to avoid such an excess of capital. hay.
ing the tendency to depress the rate of interest, and
which necessarily drove persons to engage in specula:lone?
Their Lordships would recollect that this, too,.wos a new expert.
mom When the Sinking Fnnd wac begun It wits only a million
a year, but by the operation of the war its effect was destroyed ; for
by a curious process the Sinking Fond was paid to the country
with one hand and borrowed from it vein with the other. The
Sinking Fund now in ,operation was consequently a new feature
brought forward, and the elevatiou of pewee, of the funds, of
landed property, and the thutinatiou of annnities, would be found
to arise front its operation, and the consequence wee that the whole
country was insolved in one mass of scheming, by the excess of
money in the market. The same thing had occurred at every for.
tiler period. When Mr. Uutthiuson brought forward his scheme
of the Sinking Fund, and which • was afterwards adopted by Sir
Robert the effect was the lowering of the rate of interest ;
and this produced the noted South Sea bubble, which in its turn
effected a further loaterieg of interest. Thu seam disposition for
scheming was engendered •now and from the same cause. The
Noble Earl (Liverpool) had said that he (the Earl of Lauderdale)
was not authorised to refer to what bad passed in a former session,
or to what the Noble Earl boasted of on the commencement of the
present session—natnely, that he did not take into his view the con-
duct of the 'country banks, at the time when he stated last year that
these schemes would inevitably bring ruin on their projectors. But
the Noble Earl had this night said that these schemes were set
moving through the medium of the country banks. Last session
the Noble Earl held out in terror to all who should engage in these
schemes, that his Majesty's Government would not advance any
relief, either by exchequer bills or otherwise, in consequence of these
scheming': butelid the Noble Earl say at that time that if these
schemes went on he would be inevitably compelled to propose to
Parliament that the circulation of one and two pound notes would
be put an end to ? No, he did not. If the Noble Earl had left
these speculations alone, he (the Earl of Lauderdale) thought the
loss sue sifted by them would not hare amounted to two millions;
but now, In consequence of the agitation of the question, he thought
the evils would be considerably aggravated ; and in his opinion it
would be solely attributable to the Noble Earl's measure. Let the
Noble Earl look into the list of all those concerned in these specu.
latlons, and lie would not find that any country bankers were at all
connected with them. fie (the Earl of Lauderdale) bad inquired
into the subject. pad the result was, not that any country baskets
were concerned in them ; but that many Members of Parliament,
many of the friends of the Noble Earl himself, had allowed their
names to be used an Directors, thus giving a currency of opitiitin in
f2Arour of these schemes. Nor was he aware that any exertion had
been made in this House to !oppress what the Noble Earl now
asserted had been so prciudicaal to the country. If, then, the view
he had taken of the subject was correct, acrd that all the evils had
been occasioned by the Sinking Fund, through an excess of capital
thrown into the market, he would ask their Lordships how it was
possible for any man of sense to adopt the remedy which had been
recommended ? The Noble Earl had said tint there were C millions
of I/. and 21. notes in circulation, and that '25 millions of gold had
been coined, of which, after deducting what portion of it had been
exported, there remained 16 millions in this country. How the
Noble Earl got at the knowledge of this edeulatio'n, he (the Earl
of Lauderdale) could not tell, for he remembered asking for returns
upon the subject, which did not afford such infumiation ; but
whether the Tact were so or not, the haziness of the bankers was
such that it did not require one million of gold coin to keep up •
circulation of six millions of paper. liow then was the Noble Eatl
going to demand from the community no less than live millions
which was employed, and the benefit of which the country was en.
jeying ? But how was the Noble Earl to supply its place? If at
any time the Noble Earl could gain a capital in this country
from individuals who would consent to bind themselves conjointly
and severally for the purpose of establishing such a joint-stoct
bank, it would very much surprise him (the Earl of Laudevdale).
He knew there were such things in Scotland. Ile had himself'
been applied to to allow his name to be used in one of them, The
persons told hint that they did not wish him to be a shareholder,
but only to permit himself to be a governor. His reply was that as
he did not choose to become a proprietor, he still Iwo would allow
his name to be used as a decoy:duck. But would the Noble Earl
in this country get gentlemen *open in these joint-stock comparies?
If he should, the Noble Earl must have some art for accomplish.
ing his purposes, which he (the Earl of Lauderdale) could not
comprehend. But if the Noble Earl should do so, the effect would
he that the law relating to banking would be.entirely new modelled.
Did the Noble Earl think that when he was adopting thle plait ho
would be addirag to the security of those undertakings at all ? One
of the greatest estehlishments of that kind had faded—he meant
the house of Dickens, ilean, and Co. whom bankruptcy took
place its the year 1772, 41111 in the winding up of that coneorn it
was totted that they bad extensively dealt to annuities, a species
of business of the most doubtful description. The security
which the Noble Lord (Liverpool) had proposed is to be the
result of joint-stock companies. Though the Noble Lord cal.
enlaced in so sanguine a manner on the good effects which were
to be achieved by the introduction of that system to this country, he
would find by experience that such would not be the case. Distress
was as likely to ensue under the operation of joint-stock companies
as hi any other way. He wished to know what remedy it could be
to creme a new demand for capital when the credit was gone ? By
removing the present system, and by the other modes of relief
which were contemplated, he thought that distress would occur in
as great if not a greater degree than had been experienced by the
contrary prances. Tte Noble Lord (Liverpool) bad omitted to
allude a. one subject of great importance, and had adverted to
another topic country to expectation. The otriiseion which he
meant wait in respect to the Glint regulations. For seine Mexpli.
cable reason the tiovernment of this country required a seigeorage
on the Over to an immense extent. It had raised the value of
silver by confining the issue to its own hands, and had added to the
evil by the scarcity of the issues with which it did condescend to
favour the country. Gould any experiment be more certain then to
give that standard of currency which every country in Europe,
except England, had adopted with so much success? Indeed. the
father of the Noble Earl opposite had published a book on the
subject, in which it was staid that as this country was the west
wealthy -in the world it ought to him, a richer standard than arty
other kingdom. Was it this reason that mad() the Nqttle Earl so
repugnant to the introduction of the silver 'tendered ? A mote ab-
surd reason was never assigned in support of any measure. As well
might it be said, because this country has the most extensive woollen
manufactories, that it should use a longer yant. Ile wished
to know flow the Noble Lord (Liverpool) whether he still
persisted in his opiaion, that the country shout( be excluded from
the full belie& of a metallic currency ? It was the pride of that
Noble lenel to encourage a commercial inure min between this
country and the new South .trnerican States. He did not mean to
condemn the conduct of the Noble Lord in this respoct ; on the
contrary, lit. approved of those measures which were calculated to
promote such an intercourse. But the cause of his allusion wag

%his. that as the Noble'Lwd Mast be-fully aware that the returns
front thaw South , A merieat States meta be in silver, it seemed
therefore strange. that he should not Follow up the principle, and
adopt the...neer currency t but now this 'diver MINE be taxied to
the coatiaest at • mat to the merchant of one and a half per
cent. He had long since pieced on record the sentiments *bleb lie
eriffitetcottawineerkie otnheotheseousubtedject,
it
ebutwas
th
apouroogdtt
thhais resolutions
t heooaittaaattoolattitt
many romectable proselyte' to hit system at the present period.
He was also pleased to perch,* that the Noble Earl (Liverpool)
could not carry, ttis proposed movie' without adopting the very
principle which had been Advanced in the record to which he
alluded. With, l',.,aard to he introduction of the new system Into
that country, vbs. which hrwas most intimately acquainted (Seep.
land), he had with great soloist heard the proposition of the
Nohle Earl opposite. ft sus a carious Idea, because overtrading
had produced evils lo this muntry which required relief, that the
remedy should be extended to another country where the cause of
the even dill not exist. It reference toe passage which a N'i'mble
Lord bed read, concerning 'lie Scotch banking system In the year
1761, he could say that onions' notes were then issued at aix
nesottaj but since the Invitation of banks sri Scotland in the yeei
IPBII they had not clouted the poor to suffer such loos end misery
On Vail been experienced in this country by the Itankine system.
The tioble Earl opposite was inclined to try how the Scotch mode
would operate here; but lie might find some difficulty in the ap-
piteation to this country. There were thirty banks io Scotland, of
winch number only Neves were establi;lied as iointditock cent.
panics; but the notes of all the hanks • ere ,ece: wed without any
doubt of the solvency at .he firms, whether jointatock or other.
wise. In what then did the security which crested such confidence
consist I It proceeded from a very safe practice which prevailed
in that country. Twice a week the agents of the eespvtive banks
met together fn Edinburset, and interchanged their notes. The
batanee was paid in gold Jr by draughts on England. By thts
means they were prevented from enterprising but at a profit,
end they could not proterd to any dangermts extremity in the
lapse of the three days, when they would be obliged to pay the
differences, either In gold, or by draughts on the Bank of &Wand.
It was in consequence of vie operation of this system that the poor
were protected from eufferng those miseries which were so afflicting
in this couatry. A onmplikt had been put into his hand on this sub.
feet as he was euieriug the 'louse : this pamphlet was to form one
of the articles of the forthtoming " Edinburgh Review ;" but the
author was to impressed with its excellence, and the necessity that
it should appear before the question was agl:ated in Parliament,
that be published ft in &separate pamphlet tor the benefit and in.
&traction of the Parliamettiwy Legislators. (A laugh.) The No.
ble Earl then proceeded to reail an eatrect from the pamphlet. In
which it was asserted that peopleentertoined very erroneous notions
of the sthbility of the Scotch banks during the recent panic 1n this
country. The fact was. that If not on the very brink of ruin, the
Scotch banks were os that occasion in a state of the 4;reatest Co.
tress; and if the Nutional Batik and the British Linen Company
had not teepees! forward to their relief they must have bona ruined.
TLe Noble Earl then rammed, and stated that at that patriot' the
Fife Bank had actualty steppes) payment, and a great number of the
one and two pound iasues of that bank were in circulation. But the
ultimate security of the life Rank was so unequivocal, that the
Britieh Linen Company stepped In, and all the notes were re•
celved and paid in the course of tire days. This was what was in-
etanced ILE a proof of the insecurity •of the Scotch system. But if
there was no prospect of ultimate security, would the British Liter
Company have stepped forward to its assistance ? The.people of
Scotland too well know the truth of the maxim than " Charity
begins at boom." (A laugh.) They would not have relieved the
Fife Bank, if they were not assured of its capability of eventually
paying all demands. Bat why should the Noble Lord opposite
wish to force this measure on the people ni Scotland? There was
not a farmer, or a man of any other .description in that country,
who did not wish that the Noble Earl would abstain from pressing
his proposed remedies on that country. The two countries,
from their habits, required unquestionably quite different treatment.
Mercury might be found useful to sonic of the younger Blembers
of that House (a laugh) ; but was it therefore to be inferred that a
practitioner who witnessed its good till.cus In some such instance
should turn to one of the grave personages near him, imo, insist
that because anointing was found serviceable in one ease that it
should be applied in the other ? This proceeding was not more ab-
sent than that the remedy proposed for England should be applied
to Scotland. The Noble Lord would find that the shoe which was
adapted to one person would not necessarily fit all feet. It. is not
In hie power to force that country to abandon • favourite system
for another of which they did not approve. Something might oc.
cur in the course of the Session to induce him to speak on other
points, but be hoped he had done his duty on the*resent occasion.
A period of three years was too long for the proposed experiment.
for In that time the entire substance and property of the country
might be irretrievably ruined. Bat if the design miscarried, it
was to by attributed th his mind to the change from a sudden great
supply to a sudden great demand. The proposed measures lied a
great tendency to increase the evils which they were proposed to
rectify.
The ltlarquiss of LANSDOWN hoped that after the observe.
Vona which had fallen from both the Noble Earls (Liverpool and
Lauderdale) the Ilouse would perceive the necessity which would
make him avoid the Scotch fronth.c. Along that frontier a Cordon
Sanitaire had been drawn, beyond which it was dangerous to tees-
' pass. From the apes cites of the Noble Earls the }louse would
perceive that they lied not confined their observations to the mere
measures proposed by the Bill, but that they had deviated into a
consideration of all its bearings on the circulation and currency of
the country. He therefore hoped that the House would extend to
him the same indulgence that had been already granted to the
Noble Lords who had preceded him. The topics under discus-
sion were divisible into two parts; the first of which regarded
the measures which his Majeety's hliniaters had adopted to relieve
the existing distresses; and the second of which proposed to intro-
duce a Complete—or it• not a complete, at least a permanent remedy
against the recurrence of the evils which had been experiences
These two classes were entirely distinct. The one assumes the
return to a fixed principle of currency, the other admits a deviation
from them to meet existing exigencies. He should further call the
attention of the House to witateen determined on this subject by
the Government, mid of which information had been given by the
Noble Earl (Liverpool) last night. As the country has come to its
present state of distress, it was imprudent and dangerous to tamper
with the currency. Ile had heard with surprise the statement of
the Noble Earl, who had abandoned a desirable made far the melt.
Dare now adopted. But, under existing circumstances, he thought
there should be no half measures. If the measure was necessary
let it go to the root of the mishief. The evil was not in the currency.
The Government had directed the Bank of England to throw two
millions of Exchequer bills into the market, but non coaster that
them would relieve the parties for whose benefit they were Intended
to operate. In fact, they extended no further than to that class of
individuals who indulged in speculation, and the result perhaps on
thee account would be productive of more mischief than good. It
would therefore fail in its object. It is not wanted to increase the
currency merely as currency : but since it is proposed to depart
from principle, would it not be right to follow the example of the
year 1/93 ? It would not, in fact, be a greater deviation from prin.
ciple than the mode of compelling the Bank to bring in two mil-
lions of Exchequer bills into the market. It is a matter of doubt
whether any immediate benfit will occrue without ultimate lost.
On these grounds, without liking the precedent of interference
which the measure of the Earl of liking
inClOlieSE it would ap-
pear most advisable, since the country was in its present state of
distress, to pursue the beaten track. It would have been better
to have recurred to the example of 1703. This was a roost im-
portant point. Now with respect to the other divisicn, which is
connected with the causes of the evils and the permanent remedy
proposed. One of the difficuldes which presser! on himself and on
the Noble Lord opposite (Lord Liverpool) WO that arising from the
present state of saitirs. A question had been asked In respect to
the Impropriety of meddling with the principle of free trade in this
way more than in any other department. He was an rdrocate fur
free trade, but nevertheless he thought that the state of the cur.
reney was a subject on which the interference of the legislature was
as requisite and called for la in the regulation of weights and met..
sures. It is equally necessary to secure the commuuity flora de.
predation in this way, so that every individual may be sure that in
what he is receiving as a commodity he be not cheated. It would
be an absurd principle of free trade to allow one man to put his
hands into another's pockets and to appropriate the contents. The
stateof affairs was such that interference was necessary—was indis.
reusable. Some persons there were who admitted that vices did exist'
in the system., but that it was proper to wait for El period of calm
and tranquillity, in order to rectify theta. He ail not know what
were the precise sentiments of the Noble Earl (Liverpool) On this
subject, but lie would net have any objection to yield to the sug-
gestion of six months' delay. if in the Interval he could put a drag
on the wheel of currency. But he well knew that nothing could
peseta this wheel front performing Its revolutions. He had on a
Gamer tight contended, as the Noble Earl (Liverpool) argued to.
night, that it was titter to proceed instantly with the work of refor.
mutton than to wait until the ....ail,' were aggravated. Be therefore
thought that a full sad fair case bad been mad.: out. He intended
to advert to what had beet' said on the state of the currency by his
Noble Friend (the Earl of Lauderdale); but then he would ask,
did not this country endure, is a state of peace, more ruin than had
been 'Mitred by France in the year 1815, when it was overrun by
the allies. When such convulsion. had distracted end dragged
the country to calamity—when the rage of schemes and speculations
was nut confined to those whose occupation aqd livelihood it formed,
but had comprehended those who should hove protected the coot.
tn unity against such delusions—was be not justified in asauming
that the time was such ea called fur the interposition of the
Legislature ? But a Noble Lord who had been not long since
sitting on the Woolsack bad wade some objections on the conflict
of the currency. Now it appears from experience of late years
that • continual reaction has existed between currency and me-
thettlaa traionge.
ofAsspetterratioo.
were iu a country afliotted and afflicted by
he thought that a fair case had been
made out. His Noble Friend (the Earl of Lauderdale) had as.
signad another cause to account fur the distress, in conjunction
with the state of the currency. He had imputed great censure to the
application of the het millions which consdtoted the Sinking Fund.
This he had denominated a candidate toe speculation. This
effect he attributes to leaving that sum in the hands of the Comnds.
stoner*, whereby it was converted to purposes of speculation,
witereaui, if devoted to a Sinking Fund, tt wauid form • capital.
He did nut agree in thisprop7tion, for it was the same to the two. j
pie in what way it exist provided there was surplus. Now
what was the Case with respect to the curreaay and the apecul•-
don ? Previously to the commencement of these desperate specu.
holm% he found that in the year 1824 the Beak of England bad
increased its issues at the rata of S per cent. In the following year
the country banks increased their circulation in the proportion of
30 per cent. Gold Immediately left the country. The first failure
caused it demand for it, and than numerous failure. succeeded,
which Maud distress so widely. lie could not tbetsfess Ohm

his eye* to the effect of the paper lessee in the years 1824 end 1825.
The Bank of England was the primum mobile which gave an arti-
tidel rise to prices, which could not hold long. But though these
fluctuations originated from the proceedings of the Bank of Eng.
land, lie acquitted the Directors from any wilful participation—tor
they probably were not aware of the events which were likely to
ensue, or if they did anticipate such results, they were so hampered
by their connexion with the Government that they were unable to
control their issues. The Noble Earl (Liverpool) had adverted
to the issue of oil millions of Exchequer Bills. Should he not
add to these six millions the deficiencies in the 4 per cents.,
which amounted to three millions and a half. But above all, the
House should not forget that extraordinary Act of Parliament,
that political cunundrunn or, as it had been very aptly designated.
the 6- dead weight." According tp the operations of this Act, it
was deemed win and expedient tent the existing generation should
raise taxes for the benefit of posterity, a hile at the same time and
at the rains moment it was provided by a counter-process, equally
wise and expedient, that posterity should pay an equivalent to
their sage progenitors. Such, hokver, was the working of the
state machine, that it deprives the Bank of England of the use
of eight millions. Its consequence of these proceedings be.
tween the Ciovernment and the Rank of England, it was oecessi.
tetra to coutract its issues, end could not relieve the wants of the
country. Such were the fruits of this incongruous connexion.
It was at the instigation of Government that the Bank lent on
mortgages and Stock. He saw distinctly the great difficulty of the
present system—he saw an undue iodic of paper beyond even the
cuntroul of tee Bank. In 1826 came the Ides of the prosperity of
the country ; then came the Address to his Majesty. Although he
thought that the pfoposed measures were sound and good, he could
not, however, agree that his Majesty's Ministers had foreseen the
presmt dietrees, because he found that in the Address to his Majesty
last year the prosperous state of the country was trumpeted torth
in the most pompous terms. He was not contending that the corn.
try was not prosperous; but lie war contendir g that hie Majesty's
Ministers having stated that fact, could not have (aa was stated by
the Noble Elul opposite) foreseen the present distresses. The ir..
tcreion of calling in the one and two pound notes gave him great
pleaeure, as it would, he thought, correct in some degree the pre.
sent system; Let wail the whole currency of the country was
plie.:ed upon the broad basis M metallic currency, the system
would be defective. Any attempt on the part of Government o
prop up the country by an artificial paper currency must tall.
as every peron who looked back to the system that had
been pursued, would clearly observe—indeed any attempt to prop
tap a paper currency, without its being converted into gold, must be
impolitic. He perfectly agreed with that part of the Noble Earl's
speech which alluded to the calling in of one and twd pound notes;
but he Must again say, that until the currency was ma re purely a
metallic one, the measure would not be perfect. and this, he thought
Parliament would be obliged to do. He did join In a hope that
the Directors of the Bank of England would not refuse to accede to
the proposed alteration in their charter. The proposed alteration
could nut possibly affect their interests. and indeed he had no doubt
but that their conduct would be marked by liberality. But if they
did not agree, Parliament would be able to establish branch
banks, who could not push their circulation beyond a certain
sum ; they would also have annual accounts published of the amount
of what was circulated, which would enable the country to see the
,mtnet position in which it stood. lie had one thing more to ttoeble
thew Lordships with ; It was the Scotch part of the queercre and
'tee could (ante them that he approached that part with considerable
..caution. He did not see that either Ireland or Scotland were
affected like England. The same distress did not prevail in
culler of the countries, and therefore the same arse m could
not with propriety be applied. Upon the subordinate parts of
the general question he should have ample oeportun ty for
delivering his opinion ; but upon the general question itself he
was sure that the Gevernment were determined to legislate with
firmness and decision. Every temporising attempt wooll only
be the cause of overwhelming oppression. Tne tubble speculations.
aided by the paper currency, were sure to be followed by ultimate
loss. Lpon the score of justice, ter their own interest, they cuelli
to enter upon proposed system of legislation the reducing itadli-
toiting the paper currency.
Lord BEXLEY did not conceive that the Bill proposed was only
a half measure. Ile thought that the establishment of branch
banks would be of the greatest service. Previous to the estaelish-
ment of branch banks in Ireland, the ruin of property was en, great
In that country, in consequence of the Were of count.), banks,
as to have far exceeded any idea of so much property beer; in the
.country. The Noble Marquis, in doing justice to the Directota of
the Banks, did injustice to the Government. The Bank Di.
rectors were not cramped in their arrangements, for they had the
power of making sales whenever they pleased, which wend reim-
burse them fur any expenditure they had been at. The Noble
Lord concluded by trusting that the tnexsures would be found to be
of great security and solid advantage to the country.
Lord ELLENBOROUGH thought that the proposed measures
were not at all calculated to answer the end intended, for while
they relieved some they distressed others, and those persons who
would be injured ought to have been the persons benefitted—he
meant the bankers, who were obliged to sell nut their exchequer
bills. The circulating medium was greater than 1823, and the
object of the ptesent me-sure waseo increase the circulating medium.
This was not calculated to serve the persons affected by the present
distress; persona who hail innocently engaged in those specula.
tons which were so strongly gondeinned by his Majesty's Minis-
try. He owned that he did not view the proposed measure in a
favourable point or view. The Noble Earl admitted the bill was
but a half measure. Two or three of his Majesty's Ministers
did not think favourably of joint-stock companies; he hoped,
however, that no petty tear—no dread upon the score of papu-
levity, would prevent the Governmentfrom taking into their serious
consideration the present system of currency, and '- reform it
altogether." He was certain that no person was more anxious Sian
oho Noble Earl opposite to give satisfaction to the country. Prom
what fell from the Noble Earl, he supposed him favourable to re.
strimion. Yet there war nothieg on this subject inserted in the
Bill relative to Joint-stock Companies. The Bank of England
were obliged to bear not only'their own losees,but those of the coon.
try. The difficulties would. increase until the state of the country
was placed en a solid basis. lie troseed that the Noble Earl wo ild
propose some measure calculated to elfect so desirable an object,
for no man was sate under the present system of country banks.
He ceneittly viewed the question with dismay, but he trusted the
Noble Earl would corns down to Parliament With some proposi-
tion of a substantive nature, cakulated to effect the desired object.
Lord LIVERPOOL said he did not rise for the purpose of
prolonging the question before their Lordships, but merely to make
a few remarks on what had been said upon the opposite aide. In
reply to the Noble Lord who spoke last, lie could say that neither
clamour nor fear of being unpopular would prevent his Majesty's
Government from pursuing that course calculated to advance the
interest of the country. Ile conceived thatet was in consequence
of the Noble Lord not having turned his attention to the question
before them in the same manner which other Noble Lords had.
done, that he was prevented from seeing the importance of its bear-
ing. What was the question before the House? was it want of
money was the cause of the present distress ? No ; it was want of
confidence. lie could relate to the Noble Lord anecdotes that had
come to his knowledge of bankers declining to Issue In conse-
quence of the want of confidence that existed. If the mea.
sure proposed went merely to relieve the holders of Exche.
quer bills, some argument might be raised against it; but what
was the fact?—the object of the proposed measure was to army
out two millions of money for the benefit of the public generally.
Ilia Majesty's Ministers thought it would matte no difference by
what means the Government securities might be put in circulation ;
but It was the opinion of many persons, that they could not be cir-
culated in the way proposed without imputation of partiality and
preference. Giving the Bank all due credit, there was no doubt,
but there would be complaints against it ; but the object of
the measure was to relieve the motley market it general. His
Lorship spoke on high authority when he stated, that to give the
relief through any other medium, would be to put it in the pockets
of the individuals. If their Lordships had adopted the other mea-
sure, a month must have elapsed before anything effectual could
have been done. An Act of Parliament must have been obtained,
a commission must have been appointed, and the commission must
have made the necessary inquiries, before anything, could have been
done to alleviate the distress of the country. There was another
objection to the measure proposed in addition to this, an objection
%hick must appear to all to be extremely forcible. It was a mea.
sure which required the direct interference of Government, in a
way in which she other measure did not. If the Bank thought
the plan would increase the circulation beyond Its due proportion,
it would be easy to put them out of all hazards. A great mistake
had arisen front the Report of the Bullion Committee, which had
induced many to suppose that the value of the currency de-
pended entirely upon the circulation of the Bank ; but though
teems true that much depended on the Bank, all did not depend
upon it. With regard to the course of exchange, it was not the
paper of the Bank of England only that was to be taken into con.
sitkratien, but the whole of the paper in the country. The ex-
changes had been favourable at a time when the circulation of the
Bank of England had inercued eni millions, the country banks
having withdrawd more of their notes than the Bank of England
had issued in the saute period. The circulation of the Bank is
great, but it is not too great; it must be compared with the whole
circulation of the country. This Commission has, therefore, been
proposed as the most effectual means of putting into circula-
don the money which was wanted, and it will operate for the relief
of the country much more effectually than any attempt to single out
this or that particular class of distress. It is more simple and na-
tural than the measure proposed oa the other side.
The Bill was then real a second time.
The Earl of LIVERPOOL then moved that it should be com.
mitted for Monday; in doing which he remarked that he did DOI
aish to hurry it through the House.
The Earl of LAUDERDALE observed that he had taken the,
earliest day that he possibly could. With regard to himself, he'
thought the Bill quite nugatory; but it might do much mischief
by creating additional alarm. As for good or bad to be derived
froth the measure, his Lordship thought it would be quite non.
effective ; for which reason he should not endeavour to persuade the
Noblellearl to defer it. His Lordship was indifferent whether it
passed un Monday, Tuesday, or Wednesday.
The Marquis of LANSDOWN asked, across the table, whether
his Majesty's Ministers; bad entered into any communication with
the Bank respecting their intention of establishing Inure'
The Earl of LIVERPOOL (as we understood"
they bad OM entered into any each communice
Bank wished to establish branch banks, there
non. It was better that this should be dote
further should be done.

The Berl of LAUDERDALE observed
Wealth banks were well known ia..the pert
• bis Wee connected ; and if the
would belbewrebeweelees of the anowq came of th
Pet? prudent

sure here. It WII4 impossible to establish them; it was irupogii,k
to get agents. Ilia Lordship doubted whether it would he fir th,
good of the country that the Bank of England should give up the
ht which it possessed by law and if chartered innkeepers era.
Wished,
hed his Lordship was of opinion that it would be injurious to
y.
Their Lordships adjourned at a opener past ten, to lifouday.

ITOUSE OF COiI3IONS, FRIDAY, FEE. 17.

rel Mr. M toll
ightby, from
ouse the Trinity Howie, presented certain
relative t-hs.
Mr. Draper, from Me Treasury, presented an amount of thetay.
ment of Exchequer Bills, am—Ordered to be printed.
TITHES.
Mr. Alderman WOOL/ presented a petitinn from the dutch.
wardens and inhabitants of the parish of St. Giles, Crippiegite.
without, for leave to bring in • Bill to enable them to enter into em
arrangement with the Vicar for the composition of Tithes.
EQUITABLE LOAN COMPANY,
Mr. PETER MOORE presented a petition from the asemb„
of the Equitable Loan Company, for leave to amend their Act.
ABOLITION OF SLAVERY.
Mr. DAVENPORT presented • petition front Go' 4letnk.
Cheshire, praying for the Abolition of Slavery in the We,,
Colonies.
Similarpetitions were presented by Mr. Sykes, from Pneklinron,
and several townships in Yorkshire; also from the maw*,
burgesses, and 'inhabitants of Chippenhsm, by Sir John Sheik',
from the chief officer, burgesses, and inhabitants a Lewes; by
Byng, from Woburn • by Mr. Lawley, from Alcester, in Wu.
ViCkbbilY ; by Sir T. Lethbridge, from Frame Seiwood, in Seise,.
setshire ; by Mr. Cartwright, from King's Sutton ; by Arr. pe,„
Moore, from Coventry ; by Mr. Baring, from Collumpton, in It,-
vomshire ; by Mr. Pascoe Orenfell, from Maidenhead; also from
A town in Cornwall.

Mr. LEAKS Preach ted a petition from the freeholders of the
coolly of Leicester, praying for the Abolition of Slavery.
Sir GEORGE ROBINSON bore testimony to the respeetabi.
lity of the persons who had signed the petition.
GLOVE TRADE.

Mr. DICKINSON presented a petition from certain workmen
and manufacturers of leather gloves, against the Importatiss of
foreign gloves.

SILK TRADE.

Mr.DICKINSON presented a petition from the silk.throuters ee
several places in Somersetshire, against the importation of (Quips
silks. He said that the importation of foreign silks into this coun-
try would ruin the trade of the petitioners ; there was, he aid.
from all the information he could collect on the subject. something
so advantageous in the climate of France to produce superior to.
lours in the manufacture of silks, u to render it impossible for
English manufacturers to compete with them.
Mr. BLACK BURNE presented a similar petition from cite
merchants and silk-manufacturers of itlsnchester.
USURY LAWS.
Mr. Sergeant ONSLONV brought in a bill to repeal the Usury
Laws, which was read a first time, and ordered to be printed.
The second reading of this Bill is appointed for Monday oes.
night.
STATE OF IRELAND.
The Report of the Lords' Committee of last year on the State of
Ireland was laid on the table

CORN LAWS.
Lcrd GRAHAM presented a petition from the County of Crer.
bridge against any alteration in the Corn Laws.
Mr, HUbf E presented a petition from the Corporation et'
Breehin against the Corn Laws.
MR. KENRICK.

The Order of the day on •' the charge against Mr. Kenrlrk"
being read,
Mr. DENMAN tnoved that the Speaker leave the Chair, cut
that the House resolve itself into a Committee thereon.

The SPEAKER said that betore he left the Chair it would be
requisite to be informed what course was to be pursued. If the
House went into a Committee without any restrictions, then they
wooed be obliged not only to inquire into the charge against Mr.
Kenrick, but crime to some resolution upon it. If, on the other
hand, the Committee wan to take evidence only, the House might
be restrained from expressing any opinion. lie thought it at all
events expedient that the course to be pursued should be under.,
stood.
__

Mr. DENMAN said that it was his wish to enter as folly*
possible into the whole ease, aid at"er the inquiry he should con.
alder it his duty to propose certain resolutions founded upon it.
Mr. PEEL said that he would not anticipate what might be the
nature of the cue, wl h which he professed himself unacquainted.
if evidence was t.sken before the Committee, it might be thought
necessary, suhsequentiy. to submit the entire ease to the House.
Mr. DENMAN thought the most constitutional and prom
mode of proceeding was to go into a Committee of the whole Wiper
of course it was open to the House to take what course it thougt.o
flt ; bt,t it was his wish to have the entire matter before the vier
of the House.

The SPEAKER said that his view of the case was, that if the
Committee went through all The evidence, and then made a report
without adducing the evidence, and the House was to have the evi.
dente taken b:ture the Committee with the resolutions, It might
throw a doubt upon the proceeding.
Mr. PEEL 'aid it would be right to consider, whether it would I
he proper to ddress the Crown toe the removal of a magistrate
upon suspicion of improper conduct, tin a resolution of the House.
He was quits sure it would not be competent for the House to ad.
dross the Crown for the removal of a judge upon such resolutions.
Mr. ARERCROMBY said, that upon an examination of thfs
ca.e it n lithe be found not to amount to so grave an offence as to
induce the Crown to interfere ; but if they paused here, in chat
situation would the House find itself ? A resolution had bee-
.

come to, condemning the conduct of a certain individual ; this re-
solution had, as a matter of course, its place upon the Journals of
the House ; if, then, the proceedings were to go no further, if the
House were not allowed to resolve itself into a Committee. for the
purpose of pursuing the Investigation, the charges must ranee
unatswered ; the character of the individual impeached must con_
tinue to labour under the stigma which had been cast upon It. If
he viewed the subject in reference to the administruuon of tie
justice of the country, this was a cue which could not be
disposed of with too much care, not only as regarded the Ind.
vidual, whose stake, It must be admitted, was considerable • but
al,o as respected the public, who were entitled to a still higher
consideration. The power which the House possessed, of being
able to intinire into the conduct of the Judges of the country, was of
:he first importance ; to deprive them of it would be to destroy
one of their most essential liberties.

Mr. DENMAN said the consideration which induced him to
prefer the first of the alternatives suggested, was his not seeing
how Counsel could be heart! if the second were adapted. If, how.
ever, it was dee:tied more expedient to hear Counsel on the proof,
after it had been given to the Committee. he was ready, by con,
ceding the point, to yield to the wishes of the House. (Hear.)
The SPEAKER observed, that the adoption of either sat the
courses would allow of Counsel being heard.
The Hon. W. LAMB could not approve the manner in which
the House was proceeding. It was no part of the duty or right of
the House to institute an inquiry into the conduct of a man who
was not a public individual. When he was told it was the duty of
the House to watch over the conduct of the Judges, he wee told
that to which he could not assent ; it was fair and proptr this body
of men should be subject to such a ontrol ; but it became ano-
ther thin; when the House was asserting its right to inquire Into a
man's private affairs (hear, hear), even though the i,idividual in
question were in a public and responsible situation (hear, hear);
and he should be very sorry to see such a censorising power extra.
cised in any assembly, or by any body of men. lie begged it !O
be understood he had no connexion or acquaintance with Mr. Ken-
rick. The present observation arose from a desire that there
might tot be a bad precedent created. It had been Motel
Mat if the proceeding were now abandoned, the House would,
be committing a great injustice both to itself and the in-
dividual; but he was of a decidedly different opinion. One of
the charges against Mr. Kenrick was, that he had offered to Franks
a commutation of punishment if he would plead guilty to a certain
extent. How often did not this happen ? Nay, he would ask the
Learned (lent. who originated the business before the House, how
many such cases had kenot been party to in the exercise of hisprofes-
alonal duty ? Surely that was a common result of judicial proceed-
ings. He could not help feeling that it must be manifest to aye
one reading the charge he referred to, that the proceeding ought:
to be abandoned. Under the circumstances he could not consent
that the Speaker should leave the csssir ; and he should move assn
amendment that all the words after" that" be omitted, and that..
" the Speaker do hot leave the chair" be substituted.
Colonel WOOD said he was at a loss to find out in what the
charge against Mr. Kenrick consisted. In the documents before
the House he had been introduced both as a Magistrate and one of
the Welsh Judges; but he (the Hon. Member) could not find that
in either of these capacities he was Implicated to any snett way as
to call for the interference of the House. They ought to be careful
in the adoption of such a course of proceeding as the present; it
was opening a very wide field. In his opinion the safer course
would be to adopt the resolution of his Hon. Friend. which he (C,
lonel Wood) would second; the other might lead to difficultiel which
it was advisable to avoid.

Mr. secretary P)EL said, before the amendment wee pat he
would observe, that when on a former occasion this business w►
brought before the House, he thought there was great weight in the
charges and observations made by the Learned Gentleman, arid
they permitted the charges to be taken. It was then proposed to
postpone the inquiry, and that being acceded to, there was certainly
no intimation given that Ministers would make any opposttien
to the institution of the inquiry. (Hear, hew%) On these grounds
he would give his assent to the motion of the Learned Gentleman.
If this were merely a question of the misconduct of private
it were merely some private transaction Inferring sort• &egrets..
but not such as the law could take cognizance of—he should agree
with the lion. Member who moved the amendment, that this was
not a fit subject to bring before the House. This billhook:. how-
vet, did not appear to be of quite a private nature. If Me. Ken-
rick, when he charged the person named Franks with • Moe),
made the charge with a malicious feeling, it unquestionably was a
intim for serious cousideration ; but If this supposition ahouhl bit
sve Sibs-

ling beanthtrinki. Sold to have originated in some mistake, the case would be alto-
rstood hint) said that pekoe different. IVhat might be the result of the inqttivp he
oication; but if the. was not prepared to sat, not being acquainted withits merits. That
e could be no objec- the investigation involved some difficulties he was reedy to adieu-
* than that nothing He
tendenhared also that in point of precedent itled rather? is dangerous
cy.
that the effects of Mr. SCARLETT had only. just looked at the nature of the pro-
of the country with seeding', and found there were two enure ageless Mt. Remick ;
is Bank of England the one was malicious prosecution of ID. Frosts, and the cease a
C these espablishntersta libel on the tame individual. If these Share. bed shed twos-
ent to adopt the row It Wald her. doubtless suggested 'mu to 4.11, liolgoolb"