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

TR EASURV.

Me. BRIGHT presented a Report from the enmmissioners of
h.s Majesty's Treasuelk—arrteilluttlimsahe table.

Sir R. FERG CSSON moved fora return of all linseed, rapeseed,
and all other vegetable oils imported Into this country in foreign
vessels, during the ytar5.1.1.23:,1824, and 1828.

WINDOW TAX.

Sir T. LETHBRlD6l7:Oresenied7peTition from Beverley, in
Yorkshire. praying for a reduction of the Window Tax.
BIRMINOHAM AND LIVERPOOL RAILROAD.

Mr. DL'UDALE presented a petition for leave to bring in •
Bea to construct a Railroad from hiverpool to Birmingham.
IRISH PAPER CURRENCY.

Mr. S. RICE said that he could not allow the House to enter
upon a subject of so much importance to the country to which he
belonged, without moving for returns which would ptevent them
born adopting measures without Information—which might guide
them to a fair and correct decision. From the returns which he
would move for it would appear that the circulation of one-pound
notes was much greater in Ireland than in this country. No /11em-
tier of that House could be mote averse to an undue circulation of
paper in Ireland titan himself; yet he did not think the measure
which was proposed with regard to the paper currency at all nem.
wary—and indeed it appeared to him a measure utterly impossible
la carry into effect. In England the paper oarrency was always
convertible into specie. If there was an undue circulation of paper
in Ireland. it was clear that it would be attended with great Injury.
The public would never receive their hills in the paper currency
when they could enforce a payment in coin. Any niessurrs which
might be adopted in this country (whether wise or not) would regu.
late the circulation of the paper currency in Ireland as certainly
as that the pulsation of the extremities of the human body
wet regulated by that of the heart. When the returns which he
now moved for were laid before the House, they would ndopt those
measures they considered most eligible, and would be able to drawl
inferences from them which mold not fail to lead them to a wise
decision. He concluded by moving for a return of the average,
amount of all five pound notes and Bank post bills issued by the,
bsrik of Ireland during the years 11121, 1822, and 18M. Also for
a return of Inc number of banks established for the Ist six
years, the number of notes stamped and issued by them for the
same period, and the places where those banks were situated.
TOBACCO AND SNUFF.
Mr. CAI.CRA FT moved fora return of the number of pounds
weight of tobacco and snuff imported into Eerland during the
join, 1823, 1821, and 1825, stating the amount of duty paid tar
•ch year.
QUA RTERINO OF SOLDIERS.
‘VIIARTON presented a petition from the innkeepers of
Beverlry in Yorkshire, against the quartering of soldiers upon Inn-
keepers.
USURY I,.l‘t's.

Mr. Sergeant ONSLOW moved for have to bring in a Bill to
Laws. From the • low - of voice in which

the Rouse year after year, and he could not expect that it would
meet with a much better fate on this occasion. (.% laugh.) In his
opinion a repeal of the usury / sws would be eery injurious to the
agricultural interests of the country. He believed that such en
opinion did not belong to him alone, but was participated by many
other Members of the House. He thought the subject worthy the
consideration of his Majesty's Ministers, and he would venture to
tell them, that if they did not look to it they would involve the
country in ruin.
Mr. BRIGHT thought that in the present state of the country,
when such agitation prevailed upon every subject connected with
the circulating medium, stitch a question as that then before the
House might he well dispensed with. (Wear, hear.) at.. hether the
measure was wise or unwise the country should not be disturbed by
its agitation. ( Hear, hear.) He hoped the country gentlemen
would come forward to defeat a measure which would fall heavily
upon them.
Mr. C. GRANT thought it would not be neatly; the subject of
the Learned Sergeant with fairness ; he was of opinion that in this
Bill had been passed before, the distress which now prevailed would
not have been PO peat. (Hear, hear.)
Mr. IRVING said that whatever might be the policy of pass-
ina this Bat, he thought that there was no reasonable ground to
retuse the Learned Sergeant an opportunity of bringing forward
whatever he could urge in favour of the Bill ; it would bo a
matter of subsequent coneideratinn whether those views were gond
or not. Under those impressions he would support the Bill in its
present stage.
Mr. BENNET thought that money could be obtained under
more disadvantages under the operation of the present laws, than if
the restrictions imposed by the usury laws were removed. He
thought that greater security would be afforded to money transec.
tions by the repeal of the usury laws, and he would therefore gore
the preiemeneasuen his support.
Mr. SYKES thought it unfair to oppose the Bill in its first stage,
they should become acquainted with the provisions of the Bill be-
fore they decided so strongly against the expediency of entertaining
the measure. He did not think it necessary to enter into consider'.
I liana on the general question. There was an observation of the
Hon. Member for Bristol (Mr. Bricht) relative to the conduct of
Ministers in this affair of which he approved ; he certainly re-
gretted that this subject did not take a more prominent situation
in the debates on the currency. It was said that the repeal of the
usury laws would be injurious to the landed interest. He could
not think it would have any such effect ; but. on the contrary,
would relieve it from great inconvenience and loss. If a country
gentleman, on any emergency, had occasion to raise money, in.
stead of getting a loan on lair interest at any rate over 4 per cent. he.
is obliged to have recourse to a much more ruinous expedient of
',procuring it by the annuity system, which was bringing sonic of
the noblest estates of the country to ruin. ( Hear, hear, hear.) The
question of policy was quite clear ; no one could deny the propriety
of repealing those laws which were found by experience. the best
possible test, to be prejudicial to the country. The justice of re-
pealing those laws was equally evident ; when a man had *commo-
dity in his possession, he nu Ott certainly be allowed to manage it
at his own discretion. It was ridiculous to suppose that men were
not competent to conduct their 'Midis in the bargains they might
think it advisable to make, relative to the rate of interest they should
gi re for money. He thought that it was incumbent on Ministers
(se the measure was brought before the House) to take up the ques-
tion, and embody it in a measure of financial relief.
Mr. GORDON observed that the Learned Sergeant had re-
peatedly brought that question before the House, year after year ;
it appeared to be a pretty plaything for the Learned Sergeant, but
however amusing it might be to the Learned Gentleman to agitate
that question, it was no reason why the time of the House should
be wasted in its discussion. If the measure were brought forward
by Ministers it would alter the case materially, because it would
then be put forward under their responsibility ; but lie really
thought it too much to expect that the House should attend to a
measure of such vast importance, alien brought forward on the
responsibility of a single individual, however respectable. It had
been said that the country gentlemen should come forward and
take a prominent part in support of that measure, but lie thought
the country gentlemen might be allowed to judge for themselves.
He thought them fully competent to take care of themselves, and
notwithstanding the great affection which had been evinced be
those who favoured the present measure for the interests of the
country gentlemen, he would give it his decided opposition.
Mr. WODE HOUSE objected to the time which had been se-
lected tar the agitation of the question, and considered it altogether
a useless experiment.
Col. DAVIES said that if the country gentlemen preferred the
present preposterous state of the law on this question, they would
of course oppose the present measure. The lion. Alentber made
some other observations, which were inaudible In consequence of
loud cries of •• Question."
Mr. MONO( said that the consequence of not allowing money
to be taken up eta higher rate of interest than four per cent. was,
that persons engaged in trade were obliged to sell their goods at a
very great loss to meet sudden demands. The case between country
gentlemen and traders was widely different ; the country gentlemen
had landed security to offer for any money he might want, while
the trader could over only personal security ; the former could con.
sequently procure money at a much fairer and easier rate than the
trader. He knew no reason why the hands of the trader should
be tied up. There had no doubt been much additional light thrown
upon the subject by late discussions. It was clear that while a
man was prevented from exercising his judgment in the rate of in.
tetest he might give for money, there was no law to prevent
him from selling his property; so that, though he was prevented
from borrowing money at a higher rate of Interest than 4 per cent,
be was allowed to do a much more ruinous thing.
Ala J. SMITH said that though the law did not allow a higher
rate of interest than 4 per cent., yet the effect of that law was to
oblige the trailer in many instances to dispose of his property at
such a loss that he virtually paid 75 per cent, lie knew that die.
tress prevailed to an extent of which the House could form no
idea. Ile concluded by offering his thanks to the Learned Ser.
jest= for having brought the measure forward, and hoped the
House would agree to his views.
Mr. W. WYNN wished to express his entire concurrence in
the object which the Bill proposed to effect. lie thought it would
be productive of the most essential benefit to the monied transac-
tions of the community. But he did not think that the benefit
would rest there. lie also felt convinced that it would confer
the most important benefit on the landed interests of the country.
(Hear, hear.) Ile knew many Instances in elucidation of this sup-
position. Ile would state one which appeared to him to illustrate
the subject abundantly. About ten years ago he was acquainted
with a gentleman possessed of considerable landed property in the
country. On this he had effected a mortgage; and it might be
conjectured that there was sufficient safety in the case, when he
mentioned that the mortgage was of 30 years standing. In tact,
the original sum was 411,1099/., and of this 2(1,0001. had been liqui-
dated. The remainder was then called in, and it was found int-
poisible to procure the requisite stun at the rate of 0 per cent.
metes!. he consequence was, that the mortgager was eon.
pencil to raise the money by other expedients, which caused the
rate to amount to 9 per cent. if even 6 per cent, could have been
legally given, thou gentleman of whom lie had spoken would not
have had occasion to burden himself with the additional per
centage. This was not a solitary case ; for when the Committee
sat on the subject at the end of the last Session, several solicitors
who were examined on the occasion agreed in testifying that such
a difficulty as had been experienced in the case adduced had oc-
curred to numerous individuals. Many gentlemen seemed to be
deeply impressed with a regard for the wisdom of their ancestors,
by whom the principle had been adopted. These Hon. Gentlemen
tel: a neat reverend respect for the Statutes that had been made
on this point in the olden times; but necessity, arising from the
great change in commercial circumstances, had induced Parliament
to alter many of those Statutes, one of them went so far as to vest
in the Lord Chancellor the power of regulating the price of wine.
1t hen such was the foolish principles on which these Statutes were
constructed iawas time to rescind them.
Mr. CALCRArf said that every time the subject had been
introduced to the notice of the House, his Right lion. Friend
(Mr. ‘,Vynn) had delivered the same opinion on this {mint as he
had given to night. But when Government was reduced to mist
money at 7 or 8 per cent. it was natural to expect that individuals
could not get it at less than 5 per cent. Was lie to understand
that the Bill was to receive the support of Government ? if so
lie would not oppose it. But if the Mouse was so be tented with it
Session after Session, he would decidedly throw it out. (Cheers.)
His Hon. Friend near him had stated that they were obliged in
the City to raise money at 75 per cent, Ile entertained no doubt
that such was the case on the system of continuations; but the
principle and the practice was illegal. But if the measure raised
the legal rate to 10 or 20 per cent, the mode of continuations would
increase it to 40 or Sta In spite of any legal provisions to the con.
teary, people will be found to sit. at faro, at hazard, and othrr
games. But will the Learned Sergeant say that if the Bill passed
the effect will be to suppress speculation ? He would request the
Learned Sergeant to confine its operations to trade. Let him
set it work in that way, if he chose to make the experiment.
Let the agriculturists, however, be exempted from its operation.
It the landed gentlemen were to adopt the principle, perhaps it
would be found that Its effect would be to increase the rate of
interest. The present times, however, were too serious to admit
the hazard of such experiments. Too many are influenced by
spendthrift propensities and if this Bill pass it will have the meat
of continuing them. The case of annuities has been brought for-
ward, but what compsrison did it furnish with mortgages, in
mortgages you must pay at the rate of 7 per cent. and by annuity
at 14. But the cases of annuities are exceptions and mortgages are I
thermic; in fact, they bore no proposition. For instance At the
thine of :he last war the property subject to mortgages was in the
ratio of forty to one of that vested iii annuities. It was not the
way to legislate to regard the less more than the greater subject.
1 bey should not go on creeping with the measure. He meant
no disrespect—he only wished that the Learned Sergeant hail
been made a Judge during the vacation. lA laugh.) If such
a cireemstance had occurred the House would have been relieved
from listening any longer to the discussions on the subject. The
measure was calculated to produce a dangerous effect on the
money market, and it required to be accompanied by most perfect,
temperate, and solemn convictions of its necessity, beture it should
be adopted. lie would feel obliged to the Learned Sergeant if, in
his tender mercies, lie would indulge himself in something
el;ededrutoortngk
ttoliseuSpespont
Session (A laugh.) Unless his Majesty's Ministers
u
he would not agree to the passing of the
Bill, and he hoped that it would not be persevered in.
Mr. Secretary PEEL observed that he was not present at the
commencement of the debate, to derive information from any ob-
servations which might have been made on the subject; indeed he
dud not fully comprehend the points at any time. During the
last Session of Parliament he felt that the nature of the proposed
Bill had not been fully discussed; there were few members in the
Bonne on that occasion. his Right Hun. Friend was so occu-
pied to-night with important and urgent matters that he wislu a

..
t ..
repeal the Usury Laws. From the very low tone of voice in which h
[ .
.... ' the Learned Sergeant spoke, he was very inaudible in the gallery ; el
as well as we could collect, he said that the measure which he pro. ill
• fitosed having
y been frequently before the House, he did not ronsider ii
' 1 to speak much upon the subject at that early stage.
Me thought that the laws which applied to the interest of money c,
1 were unfair, and in their operation Injurious to trade. It was con. v
Part, to the common practice of life to restrain a man from making di
the oest use of his property his judgment dictated. Is
( ' 1 3lr. DAVE:4I'OIIT meant no disrespect to the Learned Ser. Ii
ream who intro,tuced the present Rill, in rising to oppose it at II
I 1 that a►ly stags of its progress. The bill had gone in anti out of IPi
l
i tr r ;
. I
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