The British Press; or, Morning Literary Advertiser.
London, England, 1826-02-16 00:00:00

cantile' transactions of the country were sufficient of themselves to
cdl forth a supply, but at the present time those tramtictions were
limited, and the consequence was, that there was a scarcity in the
circulation. The plan suggested to relieve the mercantile distresses
might operate in some measure towards the object it had in view,
but only to a very limited extent. IVA regard to the frivolous
objection which had been thrown out to the proposal made the
preceding evening by the Hon. Member for the City (31r. T.
Wilson), that. such a proposal, if acceded to, would operate as an
encouragement to future improvident speculations, he telt it neces-
sary to state that before the application was made he thought it
would be instantly acceded to, and that Government would not
require any stimulus to induce them to accede to the wishes of the
mercantile interests of the country so reasonable a boon.
Mr. M A BERM' thought that the argument, that the country
must be without bank notes unless the country was in debt thirty
millions, and unless there was an issue of tech quer bills, totally
untenable ; but with respect to the mercantile distresses, he thought
a Bill might. be passed to allow goods to be received as a deposit
for sums which Government might be authorised to advance for the
relief of the commercial interests.

Pin IRVING explained.
lir. HUME thought that a proper currency might be provided
according to a judicious system of banking, without any public
debt. It was not of much consequence whether the Bank kept one.
half, one.third, or one.fourth of the amount of its circulation in
actual gold, for he believed that it was the quantity of gold kept by
the Bank tome time back which led to the distresses. It was incon.
sistent with their principles of profit to keep a large quantity of
gold unemployed, and the endeavours to force it into circulation led
to the spirit of speculation which had been so much reprobated.
The national banks of France and of America were conducted upon
different principles to those which governed the Bank of England,
and he feared the latter would never be to well conducted as it
ought to be, unless their accounts and the amount of their profits
was laid beliwe the public.
Mr. BRIGHT said that he could not understand in what man-
ner the issue of exchequer hills could affect the rates of exchange,
but he thought a temporary relief might be found by adopting the
proposition be had thrown out, of transmitting to those districts
which were In want of it a small circulating medium.
Mr. C. GRANT said that he exceedingly regretted that remarks
had been thrown out impugning the conduct of his Majesty's Mi-
nisters, and charging them with treating lightly a subject of such
serious importance as that which had been adverted to the preced-
ing evening. He was sure that no man who dispassionately viewed
their conduct while endeavouring to alleviate the distresses of the
country, even if he might be of opinion that had they acted errone-
ously, could yet say that they were not guided by a strong sense of
duty and an earnest attention to theinterestsotthecountry. He was I
still more surprised at perceiving that the charge of want of feeling
and lightness had proceeded from a gentleman who was in the ha.
hit of supporting his Majesty's Ministers upon most occasions, and
he then rose for the purpose of testifying to the anxiety with which
they had considered the subjects which had been pressed upon
their attention by various interested parties, and he wished above
all things at the present moment to deprecate every thing which
could give the slightest impression that there existed any sweat of
confidence in their measures. They were situated in the midst of
difficulties—they were assailed from all quarters, and with all
manner of propositions, almost all of which were at variance with
each other. With regard to an observation made by the lion.
Gentleman on his side or the House (Mr. Irving) as to the effect
likely to be produced by issuing notes by means of exchequer bills,
he would just remark that it appeared to him to be quite immate-
rial how the bank 'totem were got into the market, so that by their
getting there the currency should be maintained in a proper si-
tuation. _ _

Mr. T. WILSON thought that the emission of exchequer bills
upon the part ot the (invent/tient was quite a different thing from their
emission by the Bank, and calculated to produce quite a different
effect. If the principle of free trade was to he adopted, it must be
begun by an introduction into the country of linen and other foreign
manufactures, and if these were not convertible into cash, a state
of distress was the inevitable consequence. The proposition which
he had last night adverted to would, lie was convinced, be the
means of restoring confidence, and thus relieving the distressed
state of the mercantile interests. Upon these views of the coal,
he felt it his duty to declare that it was his opinion that Ministers
were proceeding erroneously.
Mr. C. GRANT explained.
Mr. HUTCHINSON said that he believed his Majesty's
Ministers had examined with the greatest anxiety into the causes
of the recent distress—that they had canvassed every species of
remedy which had been suggested, and that the poignancy of their
feelings was only to be equalled by their earnestness to join heart
and hand in relieving the country from such a lamentable crisis.
For his own part he had the utmost confidence in their sincerity,
and felt it his duty not merely to them, but to the public also, to
render them the justice of openly declaring his opinion. Still,
however, he believed that no measures could prove effectual until
the country WAS relieved front the enormous taxation by which it
was oppressed.
Sir F. BLAKE made an observation, but from the noise in the
gallery we could not hear it.
Mr. BERRIES said he felt that at moment he ctiOt not to
reply to the various subjects which had been introduced by different
Members as remedies for the distressed state of the country ; but a
word had escaped Wirt an Hon. Member behind him (Mr. T.
Wilson), which he believed hail been spoken without consideration.
He had intimated that Ministers were inclined to treat the die.
tresses of the commercial interests " lightly." He hoped he had
not considered the full weight of the word—indeed he felt certain that
it he had more carefully nttended to its lull implication the word
never would have escaped him. ( Hear.) It lie (Mr. Herrin) did not
answer the various topics which had been introduced in the shape
in which they had been placed before the House, it wit because he
could not do so without entering into an elaborate discussion, which
would be altogether inconsistent with the state of the House at that
time. The lion. Member for the City of London had adverted to
the species of relief which had been held out by means of the pur-
chase of exchequer bills, and seemed to think that its effect would
be extremely trifling, soil that it was to be considered rather as a
measure of the Bank than of the Government; but he would refer
him to what passed last night, by which lie would perceive that it
was a measure of Government, for the Bank could not proceed, if
the Government had not pledged itself to bring forwind in the
course of the Session a measure to enable them to repay to the
Bank such advances as they might make, in accordance with what
hail been then stated.

The resolution was then agreed to ; several other resolutions for
the supply were also agreed to; after which the Mouse resumed,
and the Report was ordered to he received to-morrow.

ANNUAL INDEMNITY BILL.
Mr. BERRIES obtained leave foe bringing in the usual annual
Indemnity Bill of persons in office.
BANKERS' PROMISSORY NOTES BILL.
On the motion of Mr. BERRIES, a Bill for limiting to a cer-
tain period. and after that period to prohibit, the circulation of pro-
missory notes, payable on demand, under a certain sum, in Eng.
land, was read a lust time, and ordered to be read a second time
on Friday next.
The llouse then adjourned at half-past seven.

PRICES OF BRITISH
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3 per Cent. Red. 7(i 76 75j
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Ditto Acct. 744 75 74 75a 74i
75 74!
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(TUCKS YESTERD Y.
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New 4 per Cent. V 2 j 1 1
Long Ann. 18 11-16
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