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London, England, 1826-02-24 00:00:00

not merely referable to London, or to Liverpool, or to any other
port, but was the result of the combination otall. No individual
could know of all tfe commercial occurrence' of the country, and it
Was not fair to blame him for acts which had the excuse of un.
ruitirible ignorance. With respect to the mining speculations, he
Aid not think that those permits who had ventured is them could be
for imprudence in such enterprises. It was well known
Oro Spain had derived immense wealth from her South Arnerictut
mines. sad u did not seem to him an extravagant inference to expert
.asicialatty beneficial return for capital which should be embarked
in the .sine kind of projects. But because such speculations hail
not str!ernied, in consequence of unforeseen occurrences, the failure
was it re urged as an argument of the original absurdity which had
induced the speculations. With respect to the gambling in
shores. that was a point which had nothing to doloith the objections
to Witch he was now adverting for, as had been truly stated on a
runner occasion by the Honourable Member fur Montrose (Mr.
Hez,e), the country sustained no lost by such transactions. What
one :ran was thus deprived of another man gained. With respect
so itati seers of importation, the same argument which he had ap-
plied (o the case of exportation bore equally on the present subject.
It was out of the power of any individual to detenuine what con.
stituted excess either of exportation or importation. It was to him
nom. Ltralr that then was a reciprocity of action on this subject for
*Lie the country was importing with oite hand she was exporting
With the other. This kind of balance must have been benetictal to
the country. He was aware it might be objected that the assist-
ance which he sought to obtain would be provided for those who
were dealing in matters which were of a differentcharacter. Hut he
slid not teal El Impassion for sugb people g they ought to suffer
fur their mocked& Aothe same time. howexer, he could not be
inattentive to the state of extreme privation and suffering which
was endured by numbers of undeaming persons in the City. In
AIM an excessive was the state of misery that he was airaid of
• ahocking the House by a recital of the lenticular.. ( Hear, hear.)
Sat twitters hail not gone to the last stage of wretchedness. tor
weir cos is were the miseries with which ce nmorce and vane bad
been afflicted, it was to be fared that there would be more failures.

aft i: dud the effect of the reactio;;;;fit;;;;llM;;;rppres.ise
than at had been yet experienced. It was impossible to calruLtte
the extent rtf misery in which innocent individuals might be in-
voked by the resolutions which were taking place. There was no
confidence, for those houses which were considered to be the most
stable had so unexpectedly and in such numbers failed, that no
pemon knew to whom he could trust. There was the house of
uoklichinidt, of the moat extensive dealings in the foreign occurs.
ties. That house had failed, although it had been so wealthy as
tot to know well how it maid employ its capital. In fact, one of
the partners was Induced to dispose of :10,0001.• in the purchase of
American stock. b: cause he did not know of any mode wherehy ots
could dispose of the superfluity of capital to greater advantage.
On the rime amount that house had formed an establishment at
.Lewis, tot thepurper of disposing of goods on a kind of commis.
pier. To this nioact they bad devoted 430001. and at the
present moment there was a sum of 12.1.M101. due on their ad-
vances there. Such, however, was the situation of affairs
that it would he Impossible to procure 1,2001. fee the 12,0001.
Pte embarrammente of the House were however so suspected that
at Vert, MI Amsterdam doubts were entertained of are Nolveney
01 taut 11Vttse. In fact, every thing moves! the truth of the maxim
.ti^at •• delays are dangerous." But was the Government aware of
Ist stets of the City so late as vesterday. when reports affecting
11l character of the most respectable houses were the current tanks,
when the Brettilt funds fell 2 per cent. and the foreign 3 pee cent ?
• With respect to the issue of Exchequer bills, he contended that an
amount should be issued sufficient to arrive confidence- He did
nit think ft was fair in the tioverninent, hremse it could not dig-
er 'v ate between the innocent and the guilty, that it should pro-
ceed on the principle of making all parties suffer. ( Hear, hear.)
heels *commie of proceeding was very ungracious and ungrateful
to I. commercial community which contributed so largely to support

..
the a.-my and navy and other establishments. lie might be thought
to Fare overcharged the picture of distress, hut he could solemnly
declare that he had only acted in compliance with a emiscim t ions di,
chyle°, hisillitv.anderomatulleonvictionorthenecesaityofthe case.
He tel: rent difficulty how to make his feelings concur with his duty,
but he found that it was imporaible an to am ma not to deviate from
tee course he had hitherto pursued in that House. He was sorry
that he was obliged on the present mamma to relinquish that seat
t betted the Treasury Benches) which he had for some years been
aecustomed to occupy. But however reluctantly he was obliged to
sacrifice his feelings to his principles. of duty. he did not wish to
appear as a spy in the enemy's camp. anti he had therefore deemed
it right to retire to neutral ground. (Hear, hear, and i laugh.)
t Thc Hon. Gentleman was seated under the gallery, between the
3liristerial and Opposition sides of the House.) The balance of
trade ass nut to be determined by figures but by returns. It
would be impossible to regulate this matter satisfactorily. He
tnought it was to be left to the Bank of England to judge what was
. t .s proper time to discount and when to leave off; bat he did not
;maitre that Ms Bank possessed the mesas of accurate inform'.
son an the subject, for it depended on the returns, of which they
cai:d rot well form a correct opinion, as there might belie lapse of
sore than a year in thetas,. The argument deduced from former
toms was fallacious, as there was at present a great difference on
, this peint. lii (erne? periods the returns were easily known.but lat.
terly increased supplies were got from the Continent from the great
taertitiesaffotded by the tree trade system. The exchanges cannot be
bum:. until the returnsfor goods exported to India, and to the other
places where merchants traffic, are delivered. 'Chia causes an uncer.
uenty. A favourite experiment Is that concerning the correney and
Minty Laws, to bring beck the country to a wholesome state ; but
they should net ruin banks for the purpose (hear, hear). -they
shoeld let well alone. There is a stigma and distrust with respect
to country banks calcelated to do mishief. He could not help
contracting the distress with the Corn Laws. These were to be
perse.:ered in because the agriculturists feared that the gross would
grow under their feet. There was a greet difference of opinion in
toe application of the words wholesome and unwholesome, but he
way of opinion that the country was never in a mote prosperous
ceadition than at present. All that was wanted was that proper
mamma should be pursued to restore confidoace. This was the
object 'of the memorialists. He intended to give notice of a mo-
tion for the appointment of a Select Committee to ingnire into the
commercial distresses. The petition was to the followlag purport:—
's The merchants humbly pray - your Honourable House will be
pleased. under the distressing circumstances stated, to take prompt
measure' to pees an Art to authorise the issue of a ram in Ex-
chequer bill., not lees than five millions in amount, fur the relief
of the present unparalleled embarrassments in the comMercial con].
Mundy of the United Kingdom."
The CHANCELLOR of the EXCHEQUER said that the
Doe. Member for the City Car. Wilson) had no occasion to anti-
cipate any severe animadversions on the substance of the petition
which he had Introduced, or on the mode which he had adopted for
t:.• purpose. He did, however, think that the Ikea. Member was
raqsken in some particulars, though he gave him credit for feeling
fur the distresses of his country. That was his duty. He (the
(:itancellor of the Exchequer) did not, however, permit his feelings
to influence his conduct on the present occasion, as he might thereby
Muse great injustice. He had been asked the other night. was not
ti e policy which had been adopted of a fatal tendency f and he had
been taunted with the pertinacity of his adherence to the new 'ya-
wn. ffiknew indeed that there was great cause for deep regret s
but he was also aware that it was the first step in which the Jiff.
malty of the proceeding_lay in matters of this kind. He was te.
night charged by the Hon. Member for the City (Mr. Wilson) on
the same ground; but he believed that it generally if nut always
happened, that every grievous case was sure to be more grievous
than anj. which had preceded. His strong objection to comply with
Os application for die issue of Excheither bills was, that it would be
giving a bonus to extraergance, for the Hon. Member had told them
of the extravagant cep-culatiene, and of the great distress which en.
sued. Rut if one gained what the other lost, the disease must aeon
efeet its own curs. (Hear, hear.) With respect to the case of the
Ilmen- of Ooldacbmldt, It was evident that it had acted on a prin.
ceple adverse to the pee'eion of the Honourable elemter. The
locking up of SCOW: in the stocks of America partook of the
character, anti formation of the corondesino establishment at Leeds
The (Janet.' to be feared was. if the Government did extend the
relief sought for in the present inetanse, thrt there would never be a
clank on wild schemes and speculations. (Hear.) If he could per.
fIJO himeelf, that this would be the 11_4 occurrence of the kind it
would make a rest difFerence. But he much feared that compliance
world may confirm and tender inevitable the practices width t,ad
proved so oetritutntal. The Hon. M ember bad said that no than would
go to the Bank. which has the power of lending money on stock,
or seeonn: of the risk of exposure ; and yet the present mode had
Men tawinttti out. which seemet: a mots objectionable one. lint
why should the Government be reproved? Because it did not
Pke to tend money for purposes whichje did thitippiess.„. IA Lade
disegasione whirls occurred some years ago, nn matters or trade and
cetnatetre, it wits objected that it was not competent for the
Bark to lend money on good.. This object:an was removed.
' Ilbt if ji eople der not chnose to take aJvantage of the facil.ty '
arnoraffoidad why should the Government be expected to pectoral
thWfunctinna of thn Blink' He would pass by the Usury end
Coett Et. a He had, however, heard with dismay that
tl.r. Bank of Englend was not to adjust its disrmate by the
•ieete of die eurrerier sad of the exchanges; but if that were
o.e case, all that had been done by Parliament to restore
l':e atioleiunne currenty of the country was in vain. (Hear, hear.)
~, hod , ,k.,,„ h, was aware, with more than Ids usual warmth ;
be lima tlpvken with' leas self.kossession than was customary with
him • a -11... in the earnestness of His argument. he had made any
*.ornislisflas P. soy nuitter of importance. or if there were any de.
frets in the manlier m which be had stated his views, he hoped the
House would not maths it to any want of sympathy on his part
(dram) to the disrepute which be admitted to preys%l, and to the
remedy of rebid] he wee enzioos to direct the best powers of his
awed (cheer.), aided mid assisted by the talents of those by whom
he was surn.ringed, anti sthn were equally anxious for the attain-
ment of the lime object. (Hear, hear, hear.) lie hoped that he
I,d satisfied the Hon. Member far the City (Mr. T. Wdeon), and
atww•heiwtd proved to the House tin impolicy of adopting the pro-
ton:leen 10.1111Choll been made. (The Right Hon. Gentleman then
sat down areitlet *continued cheering from all parts of the House.)
Mr. T. 'kV rtzoN explained.
Mr. $A RING then roe.; butt swing to the noise in the House
ore the low nine of voice hi which be spoke, it was some minutes
lo.fore warould hear him distinctly. He could assure the Right
Weeouratde Gentlemen (the ellanCfHer of the Exchequer) that It
wan by no futons necessary for him to declare that the extent of the
present rest sad if trel:ng distresses of the country had produced
in his breast the strongest feelings of sympathy for the aufrinera.
He firstly believed that the Right Hon. Gentleinan did feel strongly
open the sobjecl, hut ettll ne must say that the whole of his speech
loollebt the clearest conetetion to his (Mr. Baring's) mind that he
ant *at sensible of Me depths of the mischief likely to accrue from
thevefuoil of Ms Majesty's Ministers to accede to tho measure.
(If.' °".".. ) :He Weed therefore that the House would not be
canned away by the evident good faith which characterised every

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i~} 1

THE BRITISH PRESS.

'entente of the speech of the Right Honourable Gentleman. (Hear,
hear.) He had no hesitation in eaysne that any individual who
treated the state of the whole mass of the industry of the country
in the manner and in the language of such a description as that
used by the Right lion. Gentleman. must be totally ignorant of its
real extent. The merchant. of the pity or London had been charged
with imprudence, and with embarking in visionary speculations,
but the charge was not capable of proof; the tact was, that three
Murtha of the speculations which had caused the distrenne of the
country were got up in the hunt of Coin by some petty attorney or
agent, and not by commercial men. As many of those specula.
stone originated in the west end as in the east—Ws many in St.
James's-street as upon the Royal Exchange, although all might
hove ultimately made their appearance at the latter place. It was
therefore unfair to lay the blame entirely at the doors of the mer-
chants. A Noble boot in the other Home of Parliament had held
himself and his colleagues in the ministry clear of all censure in
consequence of the state of the country. because he hail given a
warning of what would be the result of 'time speculations; bite he
(11Ir. Raring) felt LAMA to say, that if :Unkind* did not take
toraserea to relieve that distress, they would be responaibiefor con-
sequences hereafter. (Hear, hear.) It was not bemuse. they had
predicted the evils that they were not bound to find a remedy ; and
when they hail one within their grasp—a remedy which had been
adopted by the greatest men of their time, and with entire success,
they were deeply indeed responaible if they refused to apply it.
If all the cases of distress in which the country had been ewer Im-
plicated were put together, they would not amount, rn maw, to
the degree of embarresidng and intricate evils which at present per-
vade the country, and which have not been a little aggraeated by
the measures of his Majesty's Ministers. The present case was
peculiar in itself; it •rove, not from want of properly to riches in
the country, bat ,trom the cessation of commercial intercourse—
from the abstraction of a circulating medami—:caul from II general
want of confidence, each penten fearing that he would be unable to
fulfil b's engagements. mid consequently afraid to risk his personal
seety in ae.pting his neighbour. Government paper, however,
will maintained its. credit, and under ouch circumstances hie Ma-
jesty's Ministers should issue Exchequer bills, which, after all,
were but the fugal' of wealth, upon merchandise, which wise/dirt
substantial property. (Hear, hear.) There need aimed it period
in which such a measure could be so beneficisity or usefully adopt-
ed as at that moment. It was not time to talk of acting upon rigid
principle without listening to the advice of practical nscii—it way
no time ear the Right lion. cientlemen to degiare that all occa-
sional saantetsce was good tar nothing, and things must eventually
coins rotted, although some temporary distress might be occanion.
ed. He would IA if Minim, rs did not orcanonally lay rigid prin-
ciple aside shogether in political difficulties? Did they not arca-
siortally interfoe by introducing an extraordinary measure, for the
,puepose of escaping an extraordinary difficulty? (Hear, hear.) He'
was willing to nines that if Government were frequently to inter.
fere in the manner its which they were at present called upon, such
interference could not tail to be most pernicious in is effect ; but
in a case like that which now pleased itself upon their attention,
they were as strenuously bound to interfere as they were at other
times justified in refraining from making such interference a mat-
ter of common practice. He had little more with which to occupy
the atteutloo of the House, but he wished to Milo one ',nervation
to show that it would be better to extend relief to the commercial
interests of the country by means of rat issue of Exchequer bills,
than by encouraging the Bank of England to advance money upon
merchandise. Nothing could be more contrary to principle, in
his opinion, thin it would be for the Bank to lend money upon
merchandise. They might have the power of doing so, accordieg
to their charter (and the cl tune which conferred that power might
have been discovered by some antiquarian in those matter's, and he
must acknowledge that the time in which the discovery had been
made was moat appropriate), but if they were to act upon that
power in accordance with the wishes of Ministers, the result
would be that they weal be appealed to every two or three
months for similar advances. The interference of Parliament
was the beat mode of procedure under the circumstances=
tint, because of its formality, and secondly, because the notoriety
. attending such a measure would be a sufficient guarantee against
its being used upon improper occasions. (hear, hear, hear.) The
, Treasury, however, seemed anxious to get rid of the question, by
sending the petitioners to the Bank for thatrelief whichshould more
properly emanate from the Government itself. He would contend
I.to the best that there never existed an occasion in which Ministers
! were so imperiously called upon to accede to the prayer of the peti-
tioners, by adopting the system which bad been upon a former oc-
casion successfully resorted to—which at that time operated like a
chasm, and which would of itself be sufficient to remedy most of
the evils of the country. In conclusion he could not het, saying
that his Hon. Friend (Mr. T. Wilson) had dune no more than was
consistent with his own feelings and with his duty to his consti.
tuents, and he was sure they must feel indebted to him for the res-
. lous manner in which he had advocated their interests. (Much
cheering.)
Mr. JOHN smrTn said that Ministers were then standing
upon the brink of a precipice. They were endeavouring to place
the currency of the country upon a different Meting, and in the
prosecution of that measure (whether through their own clumsiness
or not he could not say) they had more opposition than could have
been calculated upon from the nature of the measure. The alarm
which had been in consequence created had 'Triad throughout the
country and increasel the distresses, which it was the wish of all
to remedy. He wished to ask, if the debates upon the currency,
which had been so fully entrained already, were to be entered
upon a second time upon some future occasion ? If not, the pie.
nut time stood by itself, and required especial consideration. No
person living cool' remember an instance in which similar distresa
had prevailed; nor was there ever a period In which so many
Linkers had faint in London, Leeds, Leicester, and throughout
the country. It was perfectly true that *Mum speculations had
been afloat, and he had himself predicted what must have been
the result of those visionary schemes. It was true that in that pre-
diction he had mistaken the time, having said that the evil results
would be cons) tenon in spying, and not in the winter; but still Le
would say. that few of those persons who now looked to the Goose
tor relief were of the class of speculators. They were mostly honest
tradesmen, whom the real speculators had drawn into the same
distresses in which they bad involved themselves. Ile begged leave
to direct the attention of the House to the state of the silk trade.
Ile knew many highly respectable men in that trade who would not
manufacture silk at the present moment, because they could not
sell an ounce of it. (Hear, hear.) He knew ode person who was
possessed of 40,00 W. worth of silk, and yet could not go on for
want of money. He was disposed to give every degree of credit to
the Right Hoe. Onsileman (Mr. Huskiseno), for the measure he
had inttpthund in the last Session of Parliament, relative to the
importation of foreign silks; but by a clause in that measure it was
not to be brought into operation until next July. lie was of opi-
nion that it would be a great relief to the silk trade if that clause
were to be repealed, and if the measure Were to bt put into
immediate force. (Hear, hear, hear.) With respect to the question
before the House, he must say that he firmly believed that no harm
could by possibility result from the proposal of the Hon. Gentle.
man (Mr. T. Wilson). There was no question but the Bank pos-
sessed the power of advancing money upon merchandise, but the
preferable mode of relieving the commercial distresses would be by
an advance of Exchequet -bills. But what were the merchants to
do if the Bask refused the one, and the Government the other?
(Hear, hear.) He was sure that in that case all would lament the
withholding that relief which, if now proffered, might prove eth.
dent. At all events Government was bound in dnty to use every
exertion to bring the country through its present difficulties. Be.
fore be sat dmen he wished to say • word as to the principle which
had been had down by • Noble Lord in the other House two or
three years ago. That Noble Lord maintained that in case of
famine Goternment woe not bound to interfere, for such interfe-
ference would destroy that caution which ought individually, as
well as ly, to be felt throughout the country. To this ar.
gumentr lid reply, that Government ought to legislate solely
upon motives of public utili. In conclusion he declared that
lithe Right Hon. Gentleman (the Chancellor of the Exchequers
could shuw that greater evils would be likely to result from couces-
non than fr en a retuaal to accede to the measure, he would cease
to press it upon them ; but at that moment be felt contileut that he
could ho do an. (Hear, hear.)
.........

Mr. PIIABSE said that tiie reams the Bank of Englend would
not adopt the DIMWIT proposed to them, of advancing money upon
pretchwidise, was because they were aware that a better remedy
could be applied to the commercial distresses of the country
(chats). a measure to which the objections that weighed with them
did not apply. In the year 1793. the Commisaion which had been
appointed NV the issue of Exchequer bills upon merchandise was
composed of persons who represented the various parts of the coon.
try in rthicir the distress was prevalent, but the Bank had not the
y 'or .10MA:A each a-consmistalan. Independent of abet, lame
etc., the Brest notoriety of a parliamentary ineesure—lndeed the
very tact of he lying forth to the public, that that Howie had en-
tered warmly epos the subject of the distresees °idle country,
could not tail to be satisfactory and encouraging to tile great mass
of the people. He was of opinion that the some: amount of Ex-
eheqper hells (five millions) which bad been iii4anced in 1793
would produce the effect dented. (Hear, Mato If the Bank pus.
seised the power of lending money upon mezehandise, it was, upon
the very face of the charter, a permissive power rather than one
which obyht to be encouraged. The Act upon which the
charter is founded prohibits the Bank front purchasing
gouda ; but it adds, that when money had been advanced upon
merchandise, if the latter becomes furteited, they tray sell
it to the best advantage. He did sot, however, see why the
Bank should at all be appealed to when they had before them
an expedient which, when formerly tried, had so completely
arswered every purpose to which it had been applied, and which
he had no dtnibt would operate mere than any other meuure what-
ever in immediately restoring confidence to the mercantile transac-
tions of the country. (Hear, hear.) If the Bank were to advance
the sum requital, be was certain that it would never produce the
effect that sould result trom its being advanced by the-Goverment.
Mr. BRIOHT said that the merchants seemed to be fully
persuaded that the measure of 1793, it again resorted to, would
fatly mower the purpose of relieving tie thanes.. But yet there
seemed to be a question whether some new plan which had
never heen proval should not be adopted. lie would take that
oppormaity of s:ate,g to the House a passage from the Report
of 02 Commiseinons who had been sppoimr/ in 1793, in order
to show the effect which had been produced at that period by
the issue oyExehemser sills. The effect was immediate, the die-
' tress was alleviated, and that with a profit to tile Treasury, alter
defraying all expenses. %Vert ?hey not at that moment in want of
some etich measure ? and had they not it ready drawn up to their
hand in the very measure to which he was alluding ? No man had
ever read in the pages of history of such a slate of distress
As this country at present exhibited, and the measure, if adopted,
could therefore afford no precedent for its repetition upon a future
occasion. The Right lion. Gentleman had disclaimed the eileon.
ragement of speculation, but he had forgotxon all the speeches
which ha had uttered relative to the prosperity of the country, which

1

in- puree they could not else their conviction. It had been, tlirongli-
round upon the public and stated. that he would act upon. p
iea upon out ale whole of this argdment, aseureed that what his Major') 's
contributed not a little to the* speculations, and yet now he turned submit • but although the hours might thus overpower their MPA-
ciple, and tot listen to those pereons who were boot into:,
the subject.• Ile ',mild auk the Right Hon. Gentleman t . ,
used such flume. eedenta. Ile serried, however, Nair diet it was nu such thing: and
acting upon rigid prieeiple when his motions Cawere deeired In do. ROA in a c etree of a fierier, of Kern-
er
time: in the money market—alien the prier of Exchequ • _ hail.: Illiciinveisntteursred (net incily to Affirm that. putting out of the moot ton for
been raised to par immediately subeeq
"In
to
large males
at 'of one mcnt would be right or wrong, it would he, if adopted, anew mea.
ibilaUsldee by a moment, whether the mean ore recotienentlecl to Govern-
-1 proms not conteniphumg moat a torneure,
per cent. ?
r •
. reale, he would npnly himself to the expediency o the rn • . f ...owe eases that of 1793 was the only one that could be applied at all-.
Hoyingoenue elisposed of the argiatn.tienlecnaus° to prin sore in a:I ire coanthil particular.. Of all the preceding
/le would nett the dlinintry whether
woe of 1793 was produchve of the desired e —ed dirt whether it was ono imie. With respect to the subsequent cues, he would dismiss
they believed that the ma- But
.betweenthat case and the present there existed very great die.
not
. • • I fledupon the House resorted to it was in a time of war, and during the permit of the
if it.was CACI& tea to effect that object, se es
calculated for the preeervatiau of the mercantile interests? Arid them on these two observations. When_ themeasurepropord was
teerence as to the effect any advances of Exchequer bill* might
wax his decided (pinion. that unless as issue of Exchequer hills .
to resort to tried and efficient measurers. (Hear, lies, hear.) It
allar..k restriction Aethear, bee), making, in his opinion, a total
thadistmetion nitwit bis Majesty's Government had always take:,
tewittykeriPinielitecraiet%ll. dirket. (Hea, hear.) As to the year 1793,
ictosurartrirlynumsu.sittttageJonw.one and worse, instead of se- have in the money m
e two
cellist of the Enclie9uer) hed attribisted the distresses of t __. he coon_ this: that tile otiose which had produced
Mr. H. SUMNER nisi the ilighe Hon. Gentleman (the Chan- between bust period and the present, wheth•
distresses in terright or wiongh, was
try to wild speetelettone, and that any cline to relieve the eug
periods were essentially different. It had been 'mid that Onvern-
o
would be only °Ening a bonus to visionary reticules in future. Tee nient should 'recommend to Parliament to lend money to indivi.
fact was, however, that those who riginated sorb speculations hal duals who were engaged in trade anti had been suddenly distressed,
been all Dept from the stage—they had pasta anay ; and it were • ienever
any poll.
1 any thing in the state of public affairs had occurred over
Moe p Ins who hat been intmeendv affected by their connexions which the people had no power of controul, or whenever.had
weft them whom the Government w.s now called upon to relieve. tient movements had produced effects unexpectedse, and ices..nd
It WWI not, however, futtheir
fors ;it was to cheek a state of fair 'menthe:foe. Now the distinction between the state of t Inge
sakes alone that his niajtoty'e Minis- cloned a disturbance of theorist and ordinary course of trade
h.
tees were' called upon to step •
roan which wasextendiag Moir file and wide, and attains which no in 1793 and the. re t
station, twortever high, could be moldered as secure. It was i:11. done at that time. It tenaufflodrdne6 onffident reason!, for whatever was
station,
net be doubteel that the breaking out h
possible to fonesee where it would terminate, unless some counter- of the war had great effect in producing
disturbance in the
the
acting influence were adopted. I: might be compared to a fire commercial world. Every body knew how sudden that event hap-
spreading itself from house to house, and which, tf not checked, pened. In the year 17n2 the country was in a state of repose, and
must ineeitableeterreinate is the conffegration of the eity. even Mr. William Pitt himself did not expect the change that so
Mr. 31ONTEITH said that he was 'sorry to hear the Right quickly followed. He (Mr. Canning) did not say this from any
Honourable lieetlenianeny that nothieg should induce him to de. disrespect to that greet man. He venerated his mammy as much
part tram the principle he had laid down ; but in his opinion it was as any man. but he mentioned it rather as a proof how short, even
absetutely nevem, that reonething should be done for the present in gifted minds, was the power of foresight. Thus, a great a sud-
moment. 1f Miruettne persevered hi resisting the applications den, and an unexpected variation took place in the stets of the coun.
matte to Omni to relieve-the present distrooto, he thought they try, arising not out of the ads of indivieuels, but resulting from
would thereby Incur sheave respoeslbility. (Ilear, hear.) State difficulties: The consequences therefore were inevitable, and
Mr. Al AN'NING owe, tot spoke In so low a tone of voice that necessarily gave those who suffered a claim an the
publiclifeofdtieettineof;
scarcely any of his oltserrattous curbed the gallery. We under- such as did not now exist in the eleventh year o
peace.
What at he
stood the Doisofifember to espouse the measure suggested by the mean to say therefore that this was not a case for relief.
prayer of the petition. -Ile remieded the House that in the year said was, that those whose duty it was to do an had considered the
1793, the moment it was known; that at the instance of his Ma. question deeply, and had mode up their minds that there did not
jesty's Government this Iloune thought tit to exert itself to relieve exist the same reasons for tidoptins a similar measure to what was
the distresses then prevoiling, those distresses subsided (hear, dove on former occasions under thin:rent circumstances. Ile was
hear). confidence was teetered, and that out of the sum of five mil. net doing more by adverting to past t aaaaa ctionsthan to motive the
lions granted by the (louse to he advanced in Exchequer Bills to inference that they had only to do now what was done in the year
the public, there was only 2.203,0d0e of it lent. and although an- 1793; and to show that the measure which his Majesty's Ministers
plications to the extent of 1.300,000 i. more were acceded to, yet the were required to do this year was a very different thing when adopt-
money was never advanced, becaute the parties found relief from ed under the circumstances of 1793. And, if different in itself,
all hands the moment confidence bad returned. (Hear. hear.) would it not be different in its consequences? By not complying
When his Majesty's aliiiiatos in this House. and also in another with the proposition that was made to them, his Maj.-Ivy's Minis.
place, had titotight fit to °huge the whole of the distresses of the ter, would certainly have to provide a precedent of a refusal on the
country upon the spirit of speculation that prevailed, and designated part of this Parliament. to any similar appeals that might be made
the evils to be the result of the taint "stork companies, he must thereafter against the importunities of that day. But if they gave
take leave to differ from them. He was not desirous of throwing way now (meaning the Parliament, as well as the Government),
any particular blame on,his Majesty's Ministers for the course they there was no possible distress that could happen, in a state of the
had formerly pursued ; but In speaking of the causes of the die. most profound peace, in which this precedent would not enable per.
tresses of the country, he mug declare both publicly and privately sons to found claims for relief from the country. It would be a
that It was his opinion many of the ills loose from the measures thousand times worse in its consequences than the effects of any
that had been adopted from a desire of reducing taxation. The temporary good it could produce, by the precedent it would eata.
reduction of the 5 per emits. to 4 per cents., and the reduction of ninth ; though, by acceding to it, Government would be making
the rate of Interest on Exchequer bine (hear, hear), were measures, an offering to popularity. But having given the case the best con-
in his judgment, ton hastily adopted The consequence that fol. sideration in their power, and having come to the conviction that
lowed was, that retry man voted ' A money in foreign securities, such a course ought not to be proposed, they could not, notwith-
ip order to obtain a higher rate' return. On a former Session standing the admonitions they had received, yield to the doctrines
the House had had papers 1.. d on their table, showing what that had been laid down by the Hon. Gentleman tomight. By de.
was the rate of the interest that could be obtained for mo. dining to give in to these recommeodations, his Majesty's Minis.
ney at Vienna, Paris, and tenet parts of the cominent amounting tees did not preclude relief: his reason for ref, ming to the
in some cases to 7 and 8 per cent. 'Phis was no new fact; it had clause in the Bank Act was in order to show this fact.
been stated by Mr. Harman, when Governor sf the Bank of Eng. The Bank possessed the power to rennet the assistance re.
land, before a Committee of that House. Without, therefore, quired; It stood upon the footing of its other functions. It was
throwing blame on any one, he would say that there had been for them to do as they pleased : nobody had a right to call them to
measures adoptedin this country that had led, step by step, to the account for their tlecision. That power had not been wholly dia.
present distresses. In stating that a great deal of money had been tieed. In determining, therefore, to carry this clause into excel.
vested in foreign loans, he was willing to allow that a consider. Mtn, it could not he 'said that it had never been acted upon before.
able sum of money returned to this country in the shape of profit. Now, as to the objection which was taken to this mode of relief.
But still, when he heard his Majesty's Ministers attribute all the It was said by the Hon. Member for Taunton (Mr. A. Baring),
evils that had taken place to speculation, be was anxious that the that merchants would not apply to the Bank for assistance. But
I louse should not be deluded by such representations. The coon. why they should not, he for the life of him maid not understand.
try was now arrived at a state which made it imperative that some What was the ordinary course of business between merchants and
decisive measure should be adopted for its relief ; and he should the Bank ? It was that the Bank discounted bills. What was i
be linens. to second the motion of his lion. Friend (Mr. T. Wil- the case at present ? Why, that the bill which formed the conex-
ron) for inquiry. Ile would not press his alejesty's Ministers ion of the Bank and the holders of goods, and which was the out.
Low for an answer. He hoped they would take the tinte that ward and visible sign of the property, was not now to be had ; that
would intervene be oit his Hon. Friend made his motion, to con. there was a clusin between the Corner purchasers and the
eider well the subje t. lie did not wish them to commit themselves Bank, and that the money must now be lent directly to the
by any hasty cline son of opinion. But the question for .heir can. merchant. To be sure there was a discretion exercised on the
sideration was, wh thee they would persevere in that course winch part of the Bank in these transactions; but why was it then
he most conscientawsly believed would tend rather to at vote that the merchant who might go to the Bank without the
than extenuate the evils that exited. (Hear, hear.) Mischief risk of being refused with respect to the credit of the person whose
had extended to every merchant, and the state of the country bill of exchange it was, anti which might he liable to objection;
called loudly upon the Government to administer relief. Ile en- why should there be a shyness in submitting to deposit the bill of
treated his Majesty's Ministers to consider whether the course re- tierce's or the invoice, in which there could be no deceit, aliout
commended by the Committee of 1811, in winch the Noble Lori whose value there could be no contest, and which afforded the best
(Binning), the Member for Rochester, was Chairman, was no• foundation for an advance of money ? Ile could not conceive why
proper tone followed in the presentmien; and whether, if adopted, such a Mime could not be taken when the necessity of the crisis
there was not the same probability of the affair/I°f the country being rendered it desirable. The necessity of a proceeding of this nature
equally well wound up. He exhorted them to reflect how Mean- was stronger now than in any former times, for by the mode in which
venient it rites: be for the Directors of the Bank of England to be bus,nesa used to be umlauted there was not that security afforded
obliged to turn out of their regular coureeto meet the exigencies of to persons advancing money on goods; but now in nine instance'
the times. It woo, he assured the House, from no want or desire out of ten the goods were warehoused, and the transfer of the key
of doing good on the part of the Directors thst they felt anxious to was a legal transfer of possession of the goods. Surely the facility,
refer these measures to his Majesty's Government for their serious which WAS thus afforded might without say danger be made avail.
re-consideration, but from a conviction that the measure. In order able, if the Directors of the Bank would evince a dispostgon favour.
to be effective, should be one on the part of Government alone. able towards it. The Bank, it was true, were at liberty to decide
Mr. Secretary CANNING so far agreed with the lion. Gent. who for themselves: l:overnment had no right to do otherwise than to
commenced this discussion, in considering that as this question was express an opinion with regard to the conduct of that body ;
to be brought before the House on a future day, in a state in which he had taken that liberty, without any offence he said it.
:t would leave ample room for argument, it was not desirable to but founded upon the liberty in (millet' the Honourable Direettes
prolong on the present occasion any dis:ussion on the subject, more in that House had taken in expreesiper their opinion as to what
especially as there stood for this night's consideration a motion of ought to he the conduct of his Majesty's Ministers. When the
great interest, touching some topics that would be necessarily time should come for the more full discussion of the subject, he
'brought forward. He could not, however, suffer what had been should be prepared to enter more at length into theararnments by
said by the Hon. Gentleman behind him (Mr. )Vileon) and also by which the eo;,duct of his Majesty's Ministers were justified and
the Hon. Member who had just sat down, both of whom had ad. sustained. The Honourable Batik Director (Mr. Manning), who
dressed themselves to his Majesty's nlinitaers in a tone of autho. intended to second the motion of the Honourable Member for Len-
t* and admonition, to Maas without mateirrg some observations, don (Mr. T.Wileone had thought fit to say. that during the time of
and without also making a statement, -on the pact of his Majesty's the panic In the mouth of December last, his Majesty's Ministers
Government. of the principles and grounds upon which they acted. were out of town. For himself, and for. his Right Honourable
He thought it fair to throw out of the question altogether the cri- Friends about him (the Chancellor of the Exchequer, mid the Pre-
f mination and the recrimination that had taken place in that liouse, eident of the Board of Trade) he could say, that for every day and
and to proceed to the observations that had been made. The Hon. every night they were at their post, engaged in constant and anxious
Member for London thought that whoever was sensible of the die. considenation upon these distresses. He could appeal to several
tresses of the country was bound to adopt, without examination, Honourable Directors who were in town at that period; he could
and against all conviction, whatever remedy any man might pro. not appeal to the Honourable Gentleman (Mr. Manning), who was
. pose for the redress of these grievunees that existed. But it was not in town (a laugh.) whether he and its colleagues were not u
unfair to infer from a rejection of those measures, that there was anxiously engaged at that crisis as the honourable Gentleman him.
therefore an inietilithility to the distresses of the people. For him- self. whether he was in town or t,t ; if he was, he (Mr. Canning)
adfand for his colleagues he utterly disclaimed such an imputation. and his colleagues had not the horoar of seeing him. He and his
It was unpin to impute to those upon whoth devolved.. every day Right Honourable Friends were in town donee( the whole of that
and every night, the care and untidy of considering what remedies crisis, and were never for a moment otherwise than incessantly la-
could las applied to those distresses, the contemplation of which homing. He believed he could appeal to the Honourable Direc.
must be most painful to then, so long as they felt as men. To tors of the Bank, whether there was nay want of disposition or
charge them with indiffereece wee to impute to them not only a anxiety on the part of Ministers tocensider what could he done to re-
want of feeling but a want of sense, which would totally unfit them lieve the country from its calamitous situation • and whether there
to hold a seat among th see by whom they were now surrounded, was any want on the part of Ministers to render that acknowledg.
But what wu the duty of his Majesty's Ministers? The state' or meat which they thought due to the dnnduct of the Bank during
the country was afflicting and alarming, but the whole question that crisis. (The Right Honourable Gentleman sat down amidst
he took leave to say, was 110 t this, %Chether the state of the country loud cheers,)
were Warming arid afflicting. hut whether the particular remedy Mr. MANNING explained.
which the Hun. Gentlemen suggested ought therefore to be adopted Alr. PEARSE also explained. He had only expreesed his
without examination, and even against the judgment of those on honest opinion as to what was the best course to be pursued. The
whom they would imp .se the tad:, and the responsibility of ad opt. Bsnkdid not, in offering their objections, presume to dictate to
ing it ? (Hear, hear.) Among the consequences that were three:. Government, but only took the liberty to suggest, that as the
ened to the Government if they lathered to their quern, and re. system of relief pursued in 1793 had succeeded so well, whether it
(used to itcquiesce in the suggestions of the Hon. Gentlemen who would not be a proper measure for his Majesty's Ministers to adopt
had spoken to-night, was the forfeiture of public confidence and at the present time.
the loss of popular support. But if popularity was the only object
Friend (the Chancellor of the Exchegnee) could Mr. ROBERTSON said his hlneesty's Ministers had placed
of his Right Hon
any man doubt that the mast advisablethidg he could lotve n the Sovereign of the country in a arose unprecedented situation.
to night would have been, to have stood up m his piece, and hove His Majesty could not change his Ministers became he hod no
others to put in their places, (hear, hear, and laughter,) and. yet
said, " True it is that my opinion on the subject remains un-
changed. although I asp ready to 'yield to the call of popular], the Ministers had declared that unless they were supported in a
true it is that my judgment remains unconvinced, although not
Y ; system against which the voice of the whole nation was opposed,
conduct shall be to rive way to the current of popular feeling." they would leave their places; so that lie could rot rote against
the measures introduced,. however ebnoxioue, because if he did it
But Le would say, that if his Re: Hun. Friend had acted dill. ,be wait, ihnitime
tmehtersed hitt
tot. A mintstetv the cteiele.. grunt beide/nu his Moja", in a shwa
son Women enbanetelne.
ougltniut to yield or•to emelt to any thing but from a conviction (The nip of " question' were now so loud that we could tart
citish any other of the Honoorable Alember's observations.)
°Niue ; and that whatever measure was brought forward by hint,
he ought to endeavour to carry it through all its .retails; hut if re. - Mr. Alderman BRIDGES thought it extraordinary that an
eietance should be too powerful Mr him, he would, at all events, much objection should be made on this ocesaion by his Majesty's
hove the consciournese of having acted as It became a Minna. Miniver* to 'Wept the mode of Valet' pursued in 1793. since that 1
ter of the Crown." He would repeat that if that 31inister's mode had been found en succeesfill in all cases. The Right Hon.
jadgrnent remsinedi uncnerincede his duty was not to sake Gentleman had noticed the difference in the canoes of dlstrees ;
the line which ethers pointed our, but to persevere in that very true the causes were different, but the distress was similar ;
which his own retieetion% and experience had led him to adopt. and one hundred merchants, assembled in the city of London,
His Majesty's Ministers said distinctly that their opinion was, were uniformly et opinion that the Mecums-mem of the country
that the lit remedy for the existing grieves/Cep was the exercise of wire precisely gender to those of 1793.
merchandire. Mar, hear.) The Honourable Director ( Mr. Ministerial side of the House hail given their advice Gut Dube-.
that power which the Bank of Englvtid had to lend money on Mr. CCHTEIn thou that as several Hon. Members.on the
Parse) had !mid that this was s' mere permissive power. Pat if Mice bills should be adynered by Government, he thought it right
that were the nature of the power, what was the power which the awl proper that they should be. (Itetigliter.) Ile begged to remind
Bank possessed to buy gold ant silver? IVlty, in the Art of his Majnity's Ministers that this advice came from their own
William and Mary, by which the Bank was incorporated, these friend', and that the course they therneelves wore pursuire was
powers were enacted in the very same chaotic, without any division, that recommended by Gentlemen on his (the Opposition) side of
and the words merely separates: by a comma ; and he defied any the House. It was is dangerous precedent for Ministers to adopt,
any man to show how one power was more permissive, nr, on the in following the advice of those who were not of their friends, tut
ethos hand, more imperative thaa the other, Tire Act hail a par. who were their general opponents.
tinder clause, declarotory, thst nothing therein contented Witold be The petition was then brought up, read, and ordered to lie on
canna,traudedv
ail:
irprevent tyheonßagilfsrownhiiicihurochoistisiinigregaollldy,aanrildsbiolsz.fidner titemtrahTle..
ttce be :
WILSON gave notice that he should
ppointod ta inquire into the
hboewletfht
efueposeweuerrtiotyi.,uyNgoolwd,
anheddseifilveder awnyuGicaniptlecraintaivilet,o
if
inetsvo
lead
•
distresses
sinotf 01
the Special Comitni on Tuesday next
mode were permissive. He would ask. whether the one comment* part of the community.
money on
was not implied airMUCti a May, or if the' pleised, throne was left THE SILK TRADE.
the Hotiournble !!'rectors were at liberty to say whether they would
RR touch in the discretion a the Bank as the other? Undoubtedly,
foreign-zoought silks in July
Mr. ELLICE pre:tested a petition from thejourneymen silk.
dyers of Sin oilfields, mai also one front the inhabitants of Covoutry,
against the law for the iseportation of
act upon this power or not; and they had acedrdingfy paid that they
themselves mat Masi very
would rot. But he thought it a little herd. that when his Majes-
ty's "xt.
right to do so.'notice of a motion this night WAS one that ea present alniost exclu-
ty's Minieters only claimed the puree privilege of determining en Mr. ELLICE said, that as the subject on which he hod given
them • •
Directors shoed,: say the Ministers
.siytly engaged the public
had no . That great cesporation had declared that mind, he hoped the 11 le onourable Gentle-
they would net—sett ern ratiune railer,; "we hate considered man (alr. Hume) would run insist upond
the prcee ence of his mo.
of it, and we will nnt. ' Now, his nfoleety's Ministers had con. non respecting the Mutiny at Borrackpoor, which stood for this
eiders! the proposition made to them, and they did not feel it their 1318itle
duty to Oppose It to Parliament for adeptinn. But if the feelings Mr. lIIIME said that when he gave notice of his motion he
of tour or five Gentlemen 'should be able to Induce the House to hoped the information from his Illoiesty's Mini woul have sanction such a coupe, his /R ni Ministers mast, of aisin y course, been afforded without opposition; and he nowsters asked cute Right


Hon. Gentleman opposite (Mr. Wynn) s ?mate: b•
production of the papers required ?
Mr. C. ii'. WYNN could only repeat chat 1.
commencement of the Session, that he die not ee,
ment alluded to could with propriety beg yen.
Mr. V1731E said that he abould take et.ey
the subject before the House until he nbta •.ed
THE SILK TRAI•is,
Mr. ELLICE said that the prayers • f the
which had been presented upon the subject of a
the great distress that must have been witt.es,a
Member in and about the vicinity of ti a L....
parts of the country, and the deep distress ..ha•
among all classes of persons who were engerol .
unnecessary for him to dwell upon the hinter.
ject upon which it row became his duty to
l
On quite imam of his inability to do jartiee
trusted to him, hut he hoped the House wo .id es.
attention while he stated the grounds wiry f.
bring the subject under their consideration.
without explaining distinctly the principles en ;v.._
deerskin to introduce pud stippon this motine.
open any opposit•on to those principles which th
Gentleman (Mr. Huskimon) first of all introdu.
sure into the Home lie bad been an humble instru•
the adoption of those principles. But admitting the
those principles, he was of opinion there were exeep
was neceesary for practical statesmen to admit In thei
When at the commencement of the peace Minlmers t
et the trade of this kingdom, they ought to have eons
the principles by which it had been previously reguli
to learn the basis on which it stood. lie was not on
say with the opponents of free trade, that our trade at
tures had grown up under different principles; the int
commerce might in some measure be explained without
ence to our commercial code, but during a long midis'
ed war, the comparative calm and security which
enjoyed e 'used a large amount of capital to flow into
coon tras. Ile was one of those who, approving the
free trade, hailed with joy the sew state of things, I
Member of the Committee appointed to investigate th
kingdom, and to consider the means by which it mil
and improved. But while he was 'willing to support t
Government in opening our markets to foreign mant
thought that they ought to begin at the right end ;
to establish the currency on a secure and firm basis,
bring about a reduction and insure tile steadiness o
ought to lighten the weight of taxes or an to alt
sition of them, as to relieve the humble and
they ought to amend the Corn Laws, and place our lal
a footing that he might compete with the labourer
lions ; having done all this, they might proceed
hazard to throw opmi our. pone to foreign manufacti
that many of his friends differed from Mm, and sib
return to the old system. With respect to the prii
trade, he did not mean to enter into disputation ; hi
measure wait, that it ought to have Leen preceded by ,
conduct ; the silk trade ought to have been appeoscht
other branches of trade which had grown up under
W which legislative interference would have proved
would have proceeded by slow and cautious steps, t
avoid giving the manufacturer any reason to suspect
to complain that his neighbour was better than bimsel
therefore, this measure on account of the manner '
had been conducted, and not for it+ principles, he
not liable to the imputation of inconsistency. lie had
that this, together with other branches of trade, had'
jut of investigation above stairs; but with respect is
macular a more minute investigation had taken p 1
lipase of Parliament. In the whole of that inveetit
was taken than the importance of the affair demands
manuf tourers of Manchester stated that the trade nil
to resist any foreign competition, and thirewas all
collected on that occasion. Ile would ask the HI
whether our experience since that dote, and the qt
motion that flowed in, did not wart.mt the reeonsl
measure ! The measure of the Right Hon. Genie
good, so far a+ it had compelled the manufactures to
of his trade b eh at horns and abroad. Gentlemen coot
silk trade had visited the manufacturing districts of Fr
seriand. and had laid before the Right Hon. Gentlernt
their researches. He would now proceed testate the di
of the manufacture, with their various complaints,
mable difficulties which they were to encounter frot
The silk trade might be divided into four brut
throwsters, who prepared the silk in the first instar
the broad trade, and the narrow trade. The them
to have no complaint to make on the genre of int
hod arrived at such perfection that they could not c.
further improvement; they knew the stare of (mei
and thought it not superior to their own, which howe
admit of no improvement- But the throwsters had
out a rase to Government which entitled them, a tit •
protective of 7s. frd. per lb. duty on foreign silks
Government. by appealing t I Parliament, reduces' this pmt.
tion duty 2s. 6,1. pound. pound. Now he could not conceive hot Go.
vernment could justify this interference with the property of others;
for those who had silk on hand must have sustained a loss to the
extent of the reduced duty. The thmwsters stated in their petition
that however improved their machinery might be, yet that fu
quantity of human labour requisite tor their mer,ufacture mum
great as to preclude the possibility of competition with those tom.
tries where that labour was to be procured at a cheaper rate. The
distress of the trade was so great that even with a protecting duty
of 5%. per lb. a great number of artificers nest apprentices were
thrown on the parish. He wished the Right lion. Gentleman to
pay attention to these representations, which he world be glad to
find exaggerated, but if true deserved to be known. The nest
branch to which he would tall the attention of the House was the
broad silk. He did not wish to gn into details, and would there-
fore confine himself to the fact, that the cheapness of labour is
France enabled them to weave the same article at an expense of
from 45 to 541 per cent. less than in England ; but in calculations
by an intelligent gentleman (Mr. Doxat) this difference in the cost
of manufacture was estimated at from 55 to 60 per cent. If there
facts were true (and he was convinced they were) what inadequate
protection was afforded to the manufacturer by a duty of 30 pet
cent. These were the disadvantages our silk manufactures laboured
under when compared with those of France; but when compared
with articles brought here already from the East Indies, and from
Chins, waiting the opening of the market, their disadvantages
appeared greatly multiplied. There was little doubt, tedeed,
that the silks of China would completely exclude oar own
from the market. At the last sales at the India House 'Attie
China silks were sold at from ss. to &a &I. per yard, and de-
mask wrought silk at from 7e. to Bs., while our Manufactures
could not produce similar articles at double that price. Ministeri
had hoped that by removing restrictions they might encourage ex-
portation; but here was a practical proof that this trade could
never be extended beyond ourselves. The difference between this
country and others, illustrated so forcibly in the cue of China, was
such as to make it impossible that our silk manufacturer can ever
be Induced to extend his view to an export trade; and he believed
the Right lion. Gentleman had never heard of any exponation
since the changes he had made. The great object of his desire
was a committee to examine minutely the state of the trade, and
chiefly on this account, that they could now procure for actual in-
spection the best specimens of silk manufacture from France, Swit.
zerland, and from China. They had formerly rested on the au-
thority of two American gentlemen, who said that the French
manufacture might cost perhaps twenty-five per cent. leas; but
they had now a large accumulation of authentic facts to submit to
a committee. He would now pass to the dying trade: this branch
complained that no. duties had been taken oft' the various articles
which they employ ; the duty on foreign soap was enormous,
and that on barilia had been increased, in order to gratify
some landed proprietors In Scotland, who thought that some ro-
tection ought to be given to that which they prepared. Now
this was a gross injustice, for the principles of free trade were
always unjust when not applied equally and universally. The
dyers, however, had nothing to complain of except the high prices
of al the articles they employed. Neither their skill nor their
machinery was surpassed abroad. They had tried foreign work-
' men and found them inferior to themselves. They complained in.
deed, with the other branches, of high prices, which wait the para.
mount evil, and that which prembted the most menacing liflicultigt
to the operatives. Having represented the cases of the broad trade
and the dyer, he would now describe the situation of the narrow
trade or riband weavers. This branch was in the moat diaartwed
coorlition ; to tb: compiaititt ofitte rest of the trade they added
one peculiar to themselves, arising (corn the inferinrity of thee
vmsatch3llttica?..hilho
iSnwiliae.g;alannadittvlie.twisrsk;niatinnisksttswohtataninouttitcee t,ifi;nte,crik
country cost 21's. would here cost 775. Tit ahe betteved 'o he Ear-
fectly true with rssptet to the heifer sett ribands, hut the satin
ribaud was manufactured in Fiance at a comparatively greater
expense. Besides these facts, we had important information mile-
five to the state of our own manufacture. There were in Alan there
ter 9,70 U looms in ibis trade, of which 7,:t00 belonged to the
weavers themselves, oral these looms were all of the worst possible
destription. But in France the Improved looms mere. capable Of
finishing tire times the work with the same labour. Under these
eircumitlanceie what chance was them of competition.? sr mho.
what chance was there of the trade not being swept totally away, it
time were not allowed for the improvement of the machinery. It
might be said that this improvement of French machinery was the
very circummance which made it advantageous to admit French ma-
nulactures c but to this it might he replied that in Switelerlatyl
there were 10,000 looms, of which 3.000 would he quite sufficient to
supply. thiscountry. In I,yons there werel2.6llftlitoms, 2.00110 t which
could amply furnish our market. To the velvet manufacture the
same observation might be applied. The improved machinery ih
Germany could manutacture 48 times EIN much an ours. These facts,
with which he was unwilling to detein the House, deserved, he
thought, as attentive consideration above stairs. Much too was said
of our capital, but he believed there was more actual capital in the
towns of Switzerland. The Swiss held no bills, mid sold tor read?
money; and with respect to their mock, they had its much on
hand at present as would suffice the country for one year. He
wished also to call the attention of the Right Hon. Gentleman to
the custom of granting patents to persons who had no claim as
inventors, but who, having their eyes open, imported models froth
abroad, and obtaining patents for them, intercepted the attempts df
others to adopt the foreign improvements. Last so great was the
panic atoning the manufacturers at present that there was no WWI
to expend capital in the improvement of theis machinery. In the
town of Coventry most of the manufactuders have machinery
suited to their houses, nor can they alter the one without changing
the other also ; while under present circonnaninces they have littlo
inducement to embark further capital in Omit. business. The
narrow arid broad trade then complain of the inadequate protection
alibrded them by the reduced duty, which is as little as it can

te.
• ••.1 not
be
n 44 dot
lr
„
) takg.nt
tt
• peuti,4
e,
"rf Het
• De
odfrjk
.'
lhadak
• Nat
411
**it
PlKet,l
rse
He did not
, .0 A
so
the Rued Hot
lured thia rot*,
rument in aidir,
the full rem •
I
roptlons "biro ?,
heir applingke.
Ti turned to
onsidered
rulated. n.e.4
t one who enutd
de and maight.
le GlaGtie ol
Ithout any nem
I wide peinead.
it this kingdom
nto it from rite
the prinpt,
a, hod became a
the trade of the
night be fostered
the swanned
tufactan'es.. yet he
they even thi
I they ought
of prices ,
alter the tbtf
rid industrltusi 4
labourer OG loch
er of foreign
without re. or
turea. He knew
still wished for a
principles of frit
his view of the
by another line of -
>coached through
er monepolt, but •
d less foal. lie
taking care to
feet pantality. or .
theliking
r io Winch it had
felt that he tsu
had before stated
lad been the 0;:b.
to this trade is
place in soothe
ligation less Cart
Ided j one er vo
night soon be sh't
I the Minnuvoa
loose, therefore,
!triunity of infer.
dderation of tide
demon bad dote
to learn the nue
ottneeted with the
France and Sim
man the fruits of
different brar.ehes
ts. and the inn.
tom competition.
inches, viz.: the
ince ; the dyer,
nesters appeared
tachinery, which
contemplate in
weigh machinery, •
were? seemed is
formerly trade
t appeared, to the
but afterwards

- --- .•- - , • - ---- - .... -----...... .... owrio6 aLivo es it UMAIIIe a onnl. ~,,,de had i,,c7,-ty.,n'
~":1` ',7'''„,,,';'' ri'P:irl'uT„."l ,;;;:".!"' ‘"" ribanel was manuhictured in Fiance at a comperatively ertai r
1 l'l ' the:rosette:lw of tie: itenk tHe would pass by the Usury and eheeteer Liu. (ove motions) which had been advanced in 1193 ter of the t lrown.a4 He would repeat that if that lilinisterei ei ,
e.s : ie. r Lase. He had, however, heard with dismay that would produce the effect desired. (Hear, hems) If the Bank pee., judgment remained unconvinced. hit duty was not to take s'eal'eman nonce( tne '. erence in t ie. cantos Of istrya ; •fiee to the state of our own menefacture. There were in Alatiehie.
1 . this Beak of IE-Agit:nil was not to adjust he dileMete by the "led the Power 01 lending Matey upon merchandiee, it was, upon the line which ether, pointed our, but to persevere in that very true the causes wcec different, but the. Mistressexpense. Besieleal these facts, we had important information r.• .1-
. ,
vita
t 'state of the currency- sad of the exchanges; belt if 'het were the very facer* the charter, a penniseire power tether than one which hie own retiectione amt emserience had led him to adopt.had. —7. 1- '-...p.A... in ... cal._
..,., flight
d. lion.
and one. hundred ine.rehante, assembled in the city of London, weavers themselves, Red thine looms were all at' the worst pots 0
the r, all that hid been done by Partiernent to reStOre which obeht to be encouraged. The Act upon which the Ills Majesty's Ministers said distinctly that their npinioh was, were uniformly et opinion that the euvurratences of the country •destription. But in France the improved looms were. expert- te
similar ; ter 9,700 looms in ibis trade. of which 7,60 belonged to O.
•
were precisely similar to these of 1793.
'i ;
He hod errei,e,„ he wee aware, with more than his use,' warmth ; gouda ; but it adds, that when money had been advanced upon that power which the Bank of Engletici had to lend money on Mr.CURTEIA thought that as several Hon. Memberson the circumstances. what chance was them of competition? er retler.
i he 1,0 4eken wjth• lees self.possesmon than was cuetoneery with merchandise. if the latter becomes forfeited., they tray cell merchandire. Mar, hear.) The Honourable Director (Mr. Ministerial side of the House had given their advice that Exche. what chance was there of the trade Pot being swept totally wit it
him ; mutat. in the earnestness of his argument, he had made any it to the hest advantage. He did sot, however, see why the Pearce) had said that this wail a . niece permissive power. [hit if quer bills shovel) be advereed by Government, he thought it right time were not allowed for the improvement of the machinery. It
•••,,,iilido as ri, tiny muter of importance. Or if there were any de. Bank should et all be appealed to when they had before them that were the nature of the power, what was the power which the and proper that they should be. (laughter.) lie bekged to remind might be said that this improvement of French machinery was the
'; . frets It the mamfor ,rt which be had stated his views, he hoped the an expedient which, when formerly tried, had co completely Batik possessed to but gold and silver? ll'hy, in the Act of his Siejesty's Ministers that this *deice came from their torn very clrcume•ance which made it advantageous ni admit Ftelleh ";
ifouae would nrit :meths it to any want of
rompsathy on his part arswered Overy purpose to which it had been applied, and which li'illiarn and Masy, by which the Bents was incorporated, these' friends, and that the course they themselves were pursuing was nufactures; bin to this it might he replied that in Swililerte,l."
1 ' (enters) to ihe &rinses which be admitted evail, and to the he had no doubt would operate mere than any other measure what. privets acre en:tete:l In the very same clime', without any division, that recommended by Gentlemeu on his (die Opposition) side of there were 10,000 looms, of which 3.000 would he quite suMeten' ni
%timely of white] he wee aow to direct the beat powers of his ever in immediately restoring confidence to the mercantile trainee- and the words merely separate,: by a comme ; and lie detled aey the House. It was a dangerous precedent for et inkst
1 • mead (cheer.), aided Ad aniseed by the talent* of those by whom lions of the country. (Hear, hear.) If the flank were to advance any man to show how one power was more permissive, or, on the in following the advice of those who were not of their friends, tut could amply furnish our market. To the velvet manufacture the
CIA to adopt. supply this country. In Lyons there were 12.6110100m5,2.0000t whet'
• he wrieetirre•ineed, and *ho were equally anxious for the attain. the stain required, he was certain that it would never produce the other hand, more imperative thee the other. Tne Act hail a par. who were their general opponents. same observation might be applied. The impneved machinery ill
rGamOt of itre time object. Hear, hear, hear.) Ile h that he effect dint would Melt from its being advanced by theGoverament. detail' clause, thelarator thet Beton; therein centairied ehould be The petition was then brcu ht up, read, and
( (Ted y• g r g
1,4 wished theffon. Member for the City (Mr. T. K :!von), and Mr. BRIOHT said that the merchants seemed to be tally construed to Prevent the Bank from purchasing gold anti silver, or the tab C.
with which be was unwilling to detein the House, deserved, he
t 3 lie on lerm n mild manutecitire 4% tio:es as much as ours. These !acts,
• w Alen move that a Special Committee be eppuititod to in sides tiltUctilite
sem eteh„,i droved to the House tin itripolley of adopting the pro. permaded that the measure of 1793, if again iterated tit, *fluid from advancing money on goods which should really, ard bona fide SIT. T. II'II,SON pave nntice that heeheuid on T d
• i
peditan wi-dis had been made. (The Right lion. Gentleman then fully answer the purpose of relieving trite dishes.. Bet yet there be left foe security. Now, he defied any (Sentient:et to she I '
TRA DE. of cur relined, but lie believed there was more actual capital in the
sat down ,r-ielt continued Cheering from aU parts of the House.) seemed to be ig question whether some new phi, which had how the power to buy gold and silver 1111)A imperative, if to lend dietrestes of the conitit Trial part of • - thought, an attentive consideration :arose stairs. llluch too was said
towns of Switzerland. The Swiss held no bills, end sold tor ready
eo te community.
ii il
Mr. T. le'flAteN explained. reeves been proved should not be adopted. lie would take that money on itieale were perrais,ire. lie would ask. whether the one
Mt. BA RING then roe.; butt *wing to the noise in the Route olnrovittaity of matieg to the House a passage from the' Repott was not illipoted arenuch 'they, or it they ric3.:elf, the one was left
oret • ~ band at present as would suffice the country for one year. Ile
toot the low Mimed wain le
M l'Ll IC presentedTil}l 81"
i t titan tom the mnney; and with respect to their prod:, they had us touch on
which he spoke, it was some minutes of the Commissiovers who had been appoimrt in 1793. in order as much in the discretion of the Bank as the other? Undoubtedly, at -1,4--.' 11121 t ~l a s'at-•i • rn j°tlrnerrnew Oh- weaned also to call the attention of the Right lion. Gentleman to
4 it; ' h.fote wteould hear him distinctly. He amid assure the Right to thus the erect which had been
_produced a' that period by die Honourable Directots were at liberty to say whether they would dyers
1, ,mat flu law fcor"t'hae ern sc,ortoaltlieonwolt!'f the
'l,..inn.h:rbui u7hl : suit! it:s7n7lturry‘ the custom of grenting patents to penome who had no claim as
iforiouradde itlextlernal3 (the ChantrHol' of the Exchequer) that It tile issue of Exchequer sills. The effect nail illint'diate, the din- act mom this power or not ; and they ead ueedidingly said that they I,g' "w P
A Xt.
verby no means naCerary for hint to declare that the extent of the trees sets alleviated, aud that with a profit to the Treasury, atter would not. But Ire thought it a little herd. that when his Metes. ' abroad, and obtaining patents for diem, inten•epted the attempts et
.notioe or a motion this night was one deo e.: preeent alniost etch'. inventors, but who, having their eyes open, imported models froth.
e. l preertit rest mod olimmg distresses of the country had prroluced defraying all expens Were ?hey not at that moment in 'set of ty's lilinisters only claimed the prime privilege of determining inc Mr. EfArICE said, Out es the subject on which lie had given other, to ,do pt the foreign improvements. But so great was the
an hit. breast rbestroogest feeling. of sympathy for the auffreers. snme such measure rand had they not it ready drawn up to their thettoselees that these very
panic among the manufacturers at present Unit there was no wish
t t He firmly believeal that the Right Bon. Gentleman did feel strongly hand in the very measure to which he Wlla alluding? No man )13d had no right to do so. That great cAporation had declared that •
Directors btu:oa: say the Ministers
sively engaged the public mind, he hoped the Honourable Gentle- to expend capital in the improvement of theie machinery. In the
upon the subject, but min ne must say that the whole of his speech ever read in the pages of history of such a state of distress they would net—stat Fro eatione roloPere ; "we hate considered Tan (Mr. Hume) would not insist upon the precedence of his me. town of Coventry most of the manufacturiers have machinery
1 : brougot the chattese convection to his (Mr. Baring's) mind that he as this country at present exhibited, and the measure, if adopted, of it, and we wql net." Now, his Majes's Ministers had con.
was not sensible of the depths of the mischief likely to accrue from could therefore afford no precedent for its repetition upon a future sidered the proposition made to them. sod they did not feel it their aight-
Oen respecting the Mutiny at Barrackpour, which stood for this suited to their houses, nor can they alter the one without changl
the other also ; while under present cireirmsninces they have Ott ',
thevefuerel of hie Majesty's Ministers to accede to the measure. occasion. The Right lion. Gentleman had disclaimed the cocoa. duty to peopose it to Parliament far Merritt. But if the feelings Mr. he said that when lie gave notice of his motion he inducement to embark further capital in their business. The
fifes% hear.) hie Seeped therefore that the House would not be ragernern of speculation, but he had forgotten all the speeches of tour or five °codeine!, should be able to induce the House to hoped the information from his 111 sters would have riarrow and broad trade then complain of the itradeq.uate protectit
• it
I
can
owned away by the evident good faith which characterised every which he had uttered relative to the prosperay of the country, which sanction such a cosine, his Majesty's /Ministers mast, of course, beta afforded without opposition; sod be now asked the Right atlinded theus by the reduced duty, which is as httie as it
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