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sr •
wisen boil; those articles were cheaper th
before the,war broke out.. Not that ft(
stances he meant to assume that the p
articles referred to must be dearer in timscot 'sew
than in war, for he thought that a corcurffstat
purely accidental, and lie liv.d quoted the prices to
she's" that pence arid war had reality' no con-
nexion whatever with the market price. In wheat
there was from the American war no considerable
'variation till the year 1795, which yes a year of
great scarcity, where the price rose, and from that
period the price had been unicorn:ly high, almost
down to the period at which 'he. Oar speaking.
The Noble Lord proceeded to argue that the die.
*teases of -1814 and 1815 were &pally attributable
to the same cause with the present, namely, a
cramping of the circulation it. that period, which
arose from extensive failures in the country banks.
In 1819, when that measure passed, which was
known by the name of Mr. Peel's Bill, the Go.
vernment paid to the Bank a sum of 8,000,0001.
there then was a great contractinu of the currency,
and then the B ink commenced purchasing gold,
the tffect of which was to raise the price in
eire'ry 'market in Europe. This was felt in every
country with which we had any dealings. In
France Clic distress wee only now beginning to
be felt. /le would not, in alluding to the
famine which
.prevailed in Ireland, wish to be
understood as considering the failure of the po.
tem crop as besijilto, on the present question,
but their Lordships must recollect, that before that
failure many parts of the country were its a state of
great want, and disconteut had now risen to that
height that the Legislature had beeu obliged to
pass a measure equal to putting the whole of the
people wider martial law. 'lt was the want of a
sufficient quantity of circulating medium to pay
the increased animist of taxation that caused the
distress here, and it was io this point of view that
fie wished to call their Lordships' attention to the
slate of Irelind. He thought he had made out a
ease to shew that the distress of ugriculture dial nut
*flee front the bounty of Heaven, but from the ripe.
rations in the currency. lf that were so, 'then the
question arose, would their Lordships do any thing
to relieve that distress ? for the remedies which had
..been applied did not deserve the name. Would
they go on to let the farmer and landed proprietor
meet that fate which was inevitable, or would they
make one change more, for the purpose of divid-
ing the loss and gain fairly between thetlifferent
classes of the community, and adapting the
standard to existing .circumstances, which, as it was
now fixed, hod no reference to the circumstances.
Of the Committee of the House of Commons, on
whose Report the Bill of 1819 was passed, be corn-
plaired, because they had not inquired if the state of
the country could bear a return to cash payments,
but confined themselves to ascertaining if the Bank
of England lied the means. Unfortunately the
Rank of England could resume cash payments, but
the people of England could not bear it. The
property of the laud-proprietor and the yeomanry
were in a state of confiscation by the operation of
the Bill, and one hundred millions of capital in-'
bested in the laud, was being swept away by a mea.
sure which reversed all the martini* of policy adopt.
ed by our ancestors. He contended that by a re-
vision of the Bill of 1819, no injustice would
be done to the public creditor. It was said
that it was always known that cash mamas
would be resumed. but he would put it to the
Noble Earl /Liverpool) whether in any one of
the loans which were made, such a thing was token"
into consideratirin by the perions 'who contracted.
Ia that case, what became of the itgtuosents of the
Chancellor of the Exchequer, who at the time stre-
nuously contended that there was no depreciation its
the currency, and consequently die return to cash
payments could produce no effect. With respect
to public creditors of that class, therefore, he could
not think there was any equitable Claim. As to ilia
public debt, which existed prior to the restriction on
cash payments, for so much as was in the possession
of the original lenders or their heirs, the most liberal
consideration should be made. But from the lapse
of time there could not be many persons standing in
that preclicitment. If the yiublec creditor had this
pledge of a return to cash payments in the time of
peace, there was also another pledge, that of main-
taining a sinking fund, which if now in existence
would ha've reduced their cacifal to par. He hoped
lie should'not now be told 'that they had changed so
often, tlest at last thy itsolvecl tit'cliatige no more.
and that Ministers would persevere in'the ermine into
which they erroneously strayed, intense!), uneasier.
oua as the consequences might be. It was too much
for him to presume to suggest a specific remedy, bet
he was convinced that the House should retracts
their steps with regard to the currency. if they.
were only to allow the silver currency now in circa.
billion to be a legal tender to any amount, lie be.
lieved that such u measure would give great relief.
though perhaps it would notes once raise the depressed
agriculturist, yet it would restore prospects of hap.
pineu and prosperity which were now lost in gloom. ,
The Earl of Livearooc defended the Bill be-
fore the House, upon which there was no material
difference of opinion between the Noble Lord Auld
himself. He admitted the ability of the statement
by which the Noble Lord would induce Parliament
to retrace their steps in regard to the Cash Pay.
ments Bill, but he knew of nothing to lead him
to suppose that late or subsequent circumstances
offered any inducement to 'repeal that Bill. He
did not believe that agricultural distress was caused,
except in a very small degree, by Mr. Peel's Bill. He
objected to any comparteemi of oar affairs in regard
to the changes bf the We war and the present peaces
and the like change .froin lolly other ivar. He con-
sidered that the state of Europe sod the vast sacri-
fice. and exertions required in the last war could
only be compared to the time of the irruptions
of the bohemians upon the Roman empire. He
justified has former assertion, that the distress of
agriculture was mainly erring to the forcing into
cultivation of poor and unwind), lauds, and the
conseqnent redundance of produce. The Noble
Lord said enough of the rise of prices since
i 794, but lie meek no mention of the rise
of relit:, which had been tiipted in the same
period-:-a rate of igen-Rite never betute heard
of. Whenever a natural meteor things should ar-
rive, it must have been plain that die poor lands
forced to over-production by the former slate of
thiligs must be flung up. lie observed also that
the over-production wits complained of in other
commodities, especially those of the Wert (tidies.

1 In•
the

- , . . ....
1775, I Noble Lords ought to reflect tluit therre had be! ti '.o
imports of foreign grain since July,
,1819, altbOugh
the remittances from Ireland, so he had foretold at
the passing of the Corn Bill, had teen equal to the
avetage of foreign imports in the antecedent
sears. He pointed out the effect of the loss of
two million's annually expended its the agricultural
market by the Victualling Office daring the war.
As things were, the only relief teagriculture could
come from en enlarged expenNture by the Go-
vernateut, for which there was •t present no pre-
tester. The Noble Lord wished to have an alters-
Aitio in the currency. Their Lnedships ought not
.to hide their designs under specious' names. The
design of the Noble Lord was that of partial bank.
ruPice. It was no matter whether done by a re.
:SiSucticri of the standard, or directly by reducing the
interest of the debt, the effect. was the saute. He
preferred the open and meowed course. He
sissintsined that the loans off' the war were eon.
Arocted with the understanding that the ancient
standard should be restored,, and that there was
in Act of Parliament exising which bound the
.country to the removal of 'the Bank Restriction
on the arrival of peace: He reminded the House
that if agriculture suffered `now, the burden fell
upon the public aunnitont dCring the war: Parlor-
Meat was bound to hold the scales equal between
all the interests of the colliery. He maisitaitted
that though there might he'great and inconvenient
changes in the disposttion, there was. as the public
accounts 'hewed, a very 'considerable increase of
oatiousl wealth. He objected to any further change,
which would shake the honour, character, and goud
faith of the country to their foundations ; and he
was the more opposed to it as the wealth, capital,
and industry of the country had mainly increased.
Lord CA LTHORPE was of opinion that Parliament
must interfere with the machinery of Mr. Peel's
Bill, in order to preserve the agricultoral interest
from ruin: some inquiry at least was necessary
into the general effects of that measure on the
affairs of the country.
The Earl of CARNA*VOII briefly replied.
The Bill was then read the third time.
Adjourned at half-past eight o'clock.

HOUSE OF COM3IONS,TOSIDAY, JOLT IL

The Smuts& took the Chair at the usual
and there being only $8 Members present, which
not being sufficient to constitute a House, he role.

SPANISH PAPERS.
DEFEAT OF /FHE ROYAL GUARDS.

••=1•••=•

[From tie Unityrsal, July B.]

-

MADRID, JOLT 7.
When at the concluetos of our article set night we fetid
that the violent state of Madrid could out last loom the
battalions of the rebel guards had already formed s paw foe
fulfilling our prophecy. They ascribed to weakness the
peace which we left than to enjoy. The protestations
which they made, and the capitulation which they proposed,
were intended to lull us asleep, and to inspire us with con-
fideoce. They meditated projects of vengeance, and elides.
wowed to dip, in the blued of their brothers, tbe chains they
prepared for us. But H has disconcerted their wicked
plans, and the slaves hare received the punishment due to
their perjury. Welhould wish to relate all the occur:ogees
of this day, and to dinit nothing which has characteristic' the
heroic patriotism of our gallant defenders. But we shall
wait till time brings all the facts tp light, and limit ourselves
to an outline of ltte transactions if ibis memorable day.
At three o'clock In the moraine the battalions of the guard
who had encamped in the Wady, penetrated into the capital,
throwing down the gate of Conde Duque. This ploy, as it
appears, was to form themselves In three divisions, one of
which was to attack the park of artillery; another to disarm
the national militia, which bad encamped in the square of
the Constitution; and the third to take poseepioo of the
Puerta del Sol, and to gored the streets which led to it. Of
these projects, the only one they succeeded in executing was
the third, but the occupation of this post not having render-
ed them masters of the two others, was of no service to there,
and rather exposed them to the defeat which they received is
a short time, The battaliou destined to attack the park of
artillery dispersed without any known motive on hearing the
first firing in the street de Is Lune, and the exhortation of
their officers was of 110 avail so retain the soldiers, who, re-
treating, as It appears, by the way they had entered, dispers-
ed in disorder by the wood of Moitelot Many of them have
attempted, is the course of the day, to join their companions
at the Palace, end acme of them have been killed without
attaining their object. In this dispersion the officer D. Lewis
Mon was token., who seeing himself detained by a peasant,
offered HI pieces or gold and his watch to be released, but
the disinterested patriot conducted him to the park of arta-
lery. It must be confessed, that the division which attacked
the square showed more firmness, but it esconatered ene.
mies, worthy, not only of cootending with It, but with the
first soldiers is Europe. The rebels paid dearly fur their au-
dacity, dying by the baud, of the heroic national militia, at
the foot of the guns. They had no other resource but to re-
tire towards the Palace, strewing the streets the whole da)
with their dead, bodies.
The mad 'presumption of tiro divisions being thus
pu-
nished, nothing remained but to dislodge that which °col-
pied the ryerto del Sol, the guard of which had fortified
itself in the Casa de Correct, when it observed the enormous
inequality of its force. This enterprise succeeded as de-
sired, and in • short time the insurgents threw down their
arms, and fled in frightful disorder by the streets del Car-
men, des Preciados, sud del Arena!, avoiding the death
which threatened them from acannon supported by grena-
diers and Sharpshooters, together with • party of cavalry
under the command of General Ballasterow. In the mess
time the royal guards, who were in the park of artillery,
possessed themselves of the stables, and fortified themselves
in them, so that the patriotic soldiers occupied all the ap-
proaches to the Palace. While things were in this elate, •
deputation from the battalions of the guard proceeded to the
Lail of the Cortes, where the permanent deputation had as-
sembled in company with certain members of the city cull:o-
-rations, declaring that the guards were really to surrender
their Irmo, but that they should be permitted to do so when
they were beyond the precincts of the Palace. It appears
the answer who, that at the cad of four hosts the Iwo lowa-
lions Which bad remained is the Palace should retire with
their arms—the one to Laginee, and the other to Vicolvaro;
and that the battalions of the Pratio, who bad Eed hither,
should form tents, and should retire without arms to their
destined quitters. Then it was seen that although the con-
tagion which bad spread among the corps of the guards was
teat, there were many who joined ou compulsion, and by
milli:understood settee of Mwer, the party of the seducers;
for many of them immediately deserted their competitions,
and repaired to their quarters, Shouting for the Constitu-
tion. Others, distrustiug, doubting, the generosity of their
conquerors, or accused by their con:Meseta for past crimes,
fled, throwing away their iron. Bat some parties of ca.
vary, the rational militia, and some pieces of artillery,
perroued the fugitives on the road to Extremadura, and at
present there are **Mug * great numbet of wounded and
prisoners.
The most complete tranquillity now reigns in the capital;
and it appears almokt impusaible that the gallant men, whose
ardodr has been so excited during the day, viewing the per.
fldy of their ninnies, should have been able to recover, is
so short • time after their triomph, that generosity and com-
posure which are the distinction of these heroes.
All who have witnessed the attacks of this morning, agree
that never troops of the line fought with more order or more