The British Press; or, Morning Literary Advertiser.
London, England, 1826-02-14 00:00:00

ntitchief, when it was rectilineal that at former periods of great
calamity in this country in 1714 acid 17147, small notes were not
in circulation. and therefore commercial distress hi this country
might exist from other cruses than those attributed on this occasion.
It was very well, when the country got into a scrape. to lay the
blame upon any trumpery thing, or upon any undefended body of
persons. (Hear, hear.) Ile was aware that few peptone entertained
opinions sunder to his own. (Laughttr, and cries of " Hear.".)
' But he was firmly persuaded that one great cause of the meet
distress was the imperfect natdre of the Bill of 1819, which had
been introduced by the Right flon. Gentleman opposite (Alr.
Pe.:l). It was then said that that Bill was to settle the currency
for ever. (Hear. hear.) He had listened with great delight to the
speech by which that Bill was ushered into the House—a speech
which contained much that had melting at ell to do with the sub-
ject. (Langhter.) Ha recollected the allusions it contained to the
reign of Queen Elizabeth, and the manner in which it held teeth
the height example of that time as worthy of imitatem. But not
one syllatile did that speech contain of the 800 millions of debt
which pleveated • recurrence to the situation of the country At
that period—not one word about taxation. which was unknown in
the time of Queen Elisabeth, as MAN :ANA paper money, with all
Its train of Exchequer Bills. &c. of which that gracious Queen
had not the most distant idea. This omission was, however, of
little consequence ; but there was one argument upon which great
sorsa had been laid—it was that the tether nations of Europe
had a mild and silver currency. and why should not we ? The
reason iris evident—we had spent our !told. France had a gold
and silver currency. hot this country had thought proper to go
to war in the year 1793, in order to crush a new order of
things which was rising up in that country, and to order to carry
on that war it was found necessary to suteddise the continental
power; of Europe to insure a successful issue to the struggle. The
consequence ‘AS, that the gold vanished from the country. France,
however, acted upon different principles--the made her friends, and •
ottentimes her enemies sustain the cheer burden of her expendi-
ture, and her soldier, took with diem solid gold into their country,
, which they had plundered In' their campaigns. The precaution oil
adopting silver as well as gold, as a standard foe the currency, had ,
been treated with COM tempt, because. he %Impaired, that this country
wished to be thatieguithed from all other. by having a better
standard—wittandstel of geld only, and five resolutions wee ac.
cordiogly passed in thateeloutiee authorising a return a metallic •
currency.' , This plan mute however, well adapted to ti peaceable
oar ti prapereus state of the canntry, until the present is rushed
upon it, and now the question was, as to the cause which
originated that panic. in examining the paper issues of the coun-
try banks, the most imperfect method of, doing so would he by
taking the number stamped as the criterion of the number limed,
and by putting three years together, thus tanning an estimate of
the cireitler • g tneeiuns it would be necessary to supply. Nothing
could vary more than the number •of fetes stamped• in different
yews by • country banker. If the country was in, a state of adver-
sity ha grit no stew lefties stamped, but made the old ones answer
the porpmes of circulation ; but if, en the contrary, the countrp,
enjojed groat prosperity, he immediately got, a large quantity
stamped, but the issues at each t me were by •no means in pro.
portion to the number stamped. In Scotland it was welt known
that (be !mother of .r.ntes stamped bore PO proportion to the num.
' bet in circulation. The Bank of England had increased its paint.
circulation, for which he was not (hemmed to blame then, although
' he was of opinion that they did wrong in so doing, foe he would
contend that although the exchanges of the country were
net regulated, yet they were materially influenced by the quantity
of circulating inettiutm. This increase of issues on the part of the
Bank was known to the Government, but not to the country banks,
and Government,*theretore, was only to blame for not enecknig
the evil. The country bankers had no means of judging of dm ex-
' tent of the issues of the Batik of England. nor of that of their
neighbours ; and, therefore, could emete held responsible for the
recent calamity ; even though in many instances unknowingly ac-
cessory to it. (Hear, hear. hear.) Ne-hether Government remon-
strated with the Bank, he knew not ; but they made great use of
dome items is order to pelt the dead weight. It was acknowledged
on all hands, that nothing could be more foolish than renewing
the small note Act of 1012, and he wished to ask if it wee feir, after
reducing the five per cent. annuities to four per cent., and subse-
quently to three per cent. to turn round upon the holders now, and
repeal that Act seven years before the time of its expiration ? Ile
:toured the House that he thought there was some sense in his
argument. (Great laughter.) Those bargains never could have
been accomplished bat fur the Increased issues of the Bank. 'lite
Goverment had burrowed six millions front the Bank, in order to
pay the dissentients to the measure, and this formed one portion of
the over issue. The reduction of the rite of interest upon Exche-
quer Bills to 2. per cent. (the lowest rate of interest at which
money had been eve borrowed by a Government) had also con-
tributed to drive the gnltl out of she country ; for those persona
who bed been in the habit of holding Exchequer Bills, finding
they could turn their money to greater advantage, went into fo.
reign loans and speculative schemes of every description. If called
upon to particularise any measure which more than another had
led to the late CliAlfeSltil, be would reply that the reduction of the
interest upon exchequer bills had done so. It might he said that
that reduction was a saving to the public, but he would contend
that the saving was of minor consequence compared with the sta-
bility of public and private credit. which was thereby affected.
Not only was the over-issue of the Bank of England encouraged by
Government, but it also gave encouragement to the over-mete cut
banking establishment*, for the Right Honourable Gentleman
opposite (the Chancellor of die Exchequer) had asserted on
some termer occasion that the property of the country war•solid
and endurable. The repeal of the public Act, was a measure which
he (Mr. Alderman Heygate) had opposed, and which gave many
persons an Inclination to embark in the speculations which were
afloat, as It gave a sort of legislative saection to an otherwise ques-
tionable mode of trading. The Right Hon. Secretary for Foreign
Affairs (Mr. Canning) had stated that his Majesty's Ministers had
refrained from voting upon say of those projected speculations.
lint whet, he &eked, could be said of the new dock where no dock
was wanted ? (Hear, hear.) Upon the shares of that dock 20 per
rent. hail been paid, and the holders would now give an additional
fit. to get rid of them, so tremendous &discount had they fallen to,
like oleo other speculations: yet he AAA one or two of :he Aline-
try vote for that very Bill (Hear.) He would do the Right lion.
Secretary the justice to declare that he did not vote, but rose from
his seat and quitted the House. (Laughter.) Some of his Majete
ty's elinistere were also at the head of plans for promoting the
breed of silk-worms in this country. (Laughter.) The newspa.
pers every morning displayed the name; of the paironizen of these
schemes, which could not fail to give a tone to the public nmind,
favourable to speculation. He believed that his 31sjedy's Alinis-
ter, were all honourable and upright men, but in proportion to their
talents, and their influence, and their character, should they have
been cautious of giving an erroneous tendency to the disposition of
the public. IS'ere he asked if we were to non for ever under the pre.
sent system, he would answer No—but that system ought never to
have existed. (Hear, hear.) it must be put an end to. You must
have a gold and silver money, or a Bank paper circulation founded
upon a solid and secure basis. Allowing, however, the truth of
all this in the abstract, still the question of greatest moment was as
to the proper time ter effecting a change so desirable. He was
prepared to contend that the country was not prepared to go into
the subject at that time. It was in no condition to du so. Govern.
mint should take care that the country might have some circula-
tion fur the present, but let them not destroy every person and
everything by rashly proceeding where coolness and reflection were
indispensable. That House might pass what resolutions it
pleased—it might even gore far an to mote to the proposed Bill,
but in a few days it might be compelled to retrace its steps, and to
find remedies for a state of things such as Government did not
even dream of. He did not wish to occupy a longer portion of
their time, but under the circumstances he hoped they would not
proceed with precipitancy, fur by haste they would do no good,
and might do a greet deal of harm. It was a dry practical
matter of business, and nut one of theory which he hoped
the Government would abandon. This country was full of
artificial systems which would be torn to piece by the theories
upon which Ministers seemed disposed to proceed. Free trade
might be a very fine thing between tountries newly founded,
or where there was something like reciprocity; bet this country
had nothing in common with others, and that trading which was
profitable to the latter must be ruinous to the former. At all
events, as had been repeatedly urged, it was necessary to begin
with that which constituted the maintenance of the people—the
corn trade. He was well aware that what he was about to say
would be unpalatable to many, but he was firmly of opinisen that it
would not be advisable to alter the Corn laws in the present state
of the country. The immediate consequence would be that the
poor lands would be thrown out of cultivation, and, as a weasel
consequence, a great portion of the tillers of the soil would lilies
their employment. He was not to be told that the ultimate cod.
I sequence would be beneficial to the country according to the doe.
trine of some of our political economists, even though our noble.
men were to become labourers, and our squires drapers anal tailors.
Instead, however, of listening to wild theories, and endesvouring
, to follow in the steps of the poorest nations in Europe, it would
be better to adhere to those principle% which haul raised this melon
to be the greatest in the world. lle conjueed the Right Hun.
Secretary fur Foreign Affairs to exercise the great powers of his
mind and that excellence of heart whiclile knew he possessed
Meer, hear,) united with his round understanding. Ile entreated
him to give aim his attributes fair play, and avert those fearful
consequences which the course Ministers were adopting moat la.
' crumbly sooner dr later bring down upon the country. (rho Hon.
Member sat down innirist loud cheers.)
31r. Secretary PEEL then rose. He commenced by declaring
that, in following the Arguments of the Hon. Gentleman who had
just resumed his seat, he would, as fur as possible, adhere to the
precepts which that Honourable Meniber had laid down for his
guidance, and confine himself, as nearly an he could, to the sub.
• ject immediately before the House. lie could not however refrain
from remarking on the singularity of the circumstance. that a'
speech which he had made in bringing a measure before the con.
seleration of that House seven years aop, should be made the sub-
ject of discussion rather than the measure itself, of which it was
I only the precursor. But yet he felt NO ftr dattered by the idea that
a speech of his could have made an indelible an inipression on the
Hoouurable Geoileman, that he quite forgave him for all his re.
mares, and would die niss the subject altogether, without any fur.
t ther observations, and without even a single reference to Queen
Elizebeth, or to what he had formerly said in allusion to the state
1 of the country during her teem. Haying made these few prefatory
. observations, he begged to..ssure the House and the lion. 31embet
! who had just 'Token, that lie load no wish to &quite the ntagni-
rude of the recent embarrassments of the country. Ile begged to
I assure the Hon. Gentleman that he howl .no intention to deny the
truth of the retwesematinns which had been NO repeatedly made
, I with respect to the commercial dirrtettStN of the coutary. Nu man
I could snore deeply estimate those distressed, tow cote 1 any man be
I more sensibly alive to die wiesequencet, if not re:level, than he was
I ; himself: lle admitted their citent—he beliefed that the country

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