The Sun.
London, England, 1837-06-06 00:00:00

cnntributed to this. In 18;.3 there earn, a telepse, :nails oot
came the panic of ife;i7. The existing distress was produced
by the Government.—(Hear.) What was the state of the
currency now ? There were twenty-two millions payable by
the Bank of England at the present moment, and at a
moment's warninir, and the Bank had bet two millions of
sovereigns to meet it. The whole of our bullion amounted
but to 4,400,0001. Was that a state for any country to
be in ?—(Hear, hear.) Now if Nicholas Biddle sent over
three miTons of bonds what would be our position ? He
would get ten per cent., for there were seven millions in
his Bank. The United States \sere very wealthy, al-
though they did not possess a circulating medium to
represent that wealth. They were wealthy in land and
various other sorts of property, and by means of this
wealth the money of England could be taken to New
Yock, where it would realise twenty or thirty per cent. If
the other Nicholas of Russia—(A laugh)—could negotiate
a lean in London for three millions, and were paid in Bank
notes, he would break the Bank of England, or even the
money in the Savings' Banks would effect the purpose,
amounting to eighteen millions, and being payable in ten
days. Then there was the National Debt of 800 millions,
which, though the principal was not pae able, the interest
was. Now the interest of one-tenth, if demanded in gold,
would be much mote than sufficient to break the Bank of
England in a week. People imagined that the fund-
holders would escape the consequences of the ruin
which was likely to ensue, but in his opinion this was a mis-
taken notion. The mercantile classes met their own ruin
in the ruin of their debtors, and the fnedholders might as-
suredly calculate on a similar result. The ruin, however,
might be averted by an alteration of the present system,
and by adopting a proper standard of currency. If the
fundholders, on the contrary, contrived to be repaid in
gold what they had advanced in a depreciated standard in-
evitable ruin would come like a thief in the night on them
and on the country. We were in the habit of calling
Russia and Prussia barbarous countries, and as compared
with the people of this country they were so, but then our
Government was more barbarous than theirs.—(Hear and
laughter.) In Russia, though gold and silver were circu-
lated, paper money was the only legal tender. They fixed
the value of the paper money, keeping it at that standard,
and in consequence of its continuing fixed, the prospects of
the country were most prosperous—there was no panic nor
any fear of over-population. Russia was able to attack any
country—to make war where she pleased. She had hum-
bled the pride of the British lion. The Noble Lord the
Secretary for Foreign Affairs might shake his head, but
such was the fact, and it was a fact which made one of the
many grievances of which the British public com-
plained. Had the Noble Lord already forgotten the affair of
the Vixen? The people had not, nor were they likely soon
to forget it. We were obliged to prop and bolster up the
the Bank, only adding by such a course to the materials
of the ruin which must soon fall and crush the working-
classes. Since the period of the bullion report, in 1810,
we had been endavouring to force on a metallic standard,
the effect of which was to strangle industry, and then re-
leasing. the standard again, the effect of which was to make
industry strangle the standard. This was a state of things,
which the people would not endure, and which would not
have been brought about if the people were properly repre-
sented. It was only the aristocratic class which was re-
presented in that House, and, though they injured the
people, he did not think that they were sensible of the in-
jury which they inflicted. The people did not want law-
ytsrs, nor Lords, nor Captains, nor Generals, nor Admirals,
who might be all very fine fellows in their way. They
would prefer buttonniakers and bucklemakers—people ac-
quainted with trade—men accustomed to contend with
difficulties, and who never would have consented to pass
the measures which had reduced the country to its pre-
sent state. He hoped the day was not far off when
the middle classes would be represented in that House.
—(Hear.) At present, what was the nature of our Legis-
lation ? Was it wise to pass a law which made- the food
of the people dear, and to add to this another law which
made money scarce ?—(Hear, hear.) Under these cir-
cumstances, was it wise to close the workhouses, and to
take from the people that miserable patrimony of their fore-
fathers ?—(Hear, hear.) It was now also in contemplation
to establish a rural police, but he would tell the House that
the people could neither afford or endure the expense of it ?
If his motion were adopted by the House they could get
rid of many difficulties. They could repeal their Poor Law
Bill, and do away with all restrictive laws, and enjoy a real
and solid prosperity. The evil could yet be remedied, and
if not remedied by the House, the people would at last take
the matter into their own hands. if done by the House it
would be done peaceably—if not, he feared that a civil war
might ensue, the calamities and terrors of which would in
the present complex state of society in England produce
more horrors than that which took place in France in 1792.
The Hon. Gentleman concluded by moving as an amend-
ment that—" It is the opinion of the house that the present
system of the currency is not sufficient to meet the wishes
and protect the interests of the community."
On the question being put,
Lord JOHN RUSSELL did not consider he should
perform his duty, by entering into any discussion on the
motioa.—(Hear, hear.) The Hon. Member came down to
the House, made a speech of nearly three hours without
any notice whatever, and proposed resolutions inconsistent
with Acts of Parliament, and inconsistent with solemn re-
solutions of that House, repeatedly affirmed after various
debates.—(Hear, hear.) He must, therefore, protest
against a course so inconsistent and so inconvenient for the
dispatch of public business, because, even if the motion
were carried, and the House taken by surprise, it could
only tend to embarrass the House, and lead to further de-
bate. For these reasons he must decline entering into the
question moved by the Hon. Member, and ask the House
to proceed with the regular business, and go into Commit-
tee on the Irish Poor-law Bill. The Hon. Gentleman had
interrupted that, and had entered into a discussion on trade
and currency, and by so doing had interrupted the regular
course of business. He was sorry the Hon. Member bad
pursued such a course ; and as he would only be favouring
his views by entering into a discussion, he must decline
making any reply to his statements.
Mr. RICHARDS was understood to say that notice of
motion had been given.
Lord JOHN RUSSELL was not aware of any notice
The SPEAKER said there was no notcie on the pipe
of that day, and Hon. Members, therefore, came dewn in
expectation that the regular business of the House would
be proceeded with.
Mr. RICHARDS thought enough had been stated by
the Hon. Member for Birmingham, to call on the Noble
Lord to go into the consideration of so important a subject.
Mr. SC HOLEFIELD and Mr. FORBES supported
the amendment.
Sir GEORGE SINCLAIR also supported the amend-
ment, declaring that the country never was in such a state
of commercial embarrassment as at the present moment ;
a state which rendered immediate interference imperatively
necessary.
Mr. G. F. YOUNG entreated the Hon. Member for
Birmingham, for the sake of the cause which he had so
ably advocated, not to press his amendrnent to a division.
No notice having been given of the Hon. Gentleman's in-
tention, many Iron. Members who were favourable to his
view of the subject wore absent. Many of those who were
present also, among whom he (Mr. Young) confessed that
he was one, could not vote for the Hon. Gentleman merely
because he had brought the matter forward in a ferns which,
if it were generally tolerated, must have the effect of im-
peding the progress of all public business.
Mr. T. ATTWO OD felt it his duty to press the amend-
ment to a division.
Mr. BARCL A.Y was of opinion that the statements
made of the existing commercial embarrassments were
greatly
exaggerated. They were in a great measure owing
to extravagant speCulations ; and he was convinced that the
evil would soon rectify itself.
Sir J. R. REID declared himself to be of the same
opinion as the Hon. Gentleman who had just spoken.
Va t
his !,je. revs
tcyd,s, t
Ministersat h ou%gvho
uld iryaso
not he bDe.exWpectieldA
prepared to answer a three hours' speech on so grave a sub-
ject, of which no notice had been given, yet it ought not to
be forgotten that they had in a great degree exposed them-
selves to the censure which the Hon. Member for Birming-
ham had cast upon them, by the course which they had
pursued on a former occasion. When, at an early period of
the Session, a Secret Committee had been appointed to in-
quire into the operations of Joint Stock Banks, the Hon.
Member for Middlesex had proposed that the operations
of the Bank of England, as connected with the Joint
Stock Banks, should be comprehended in the inquiry,: That
proposition had, however, been resisted.—(Hessa hear,
hear.) The Committee to which lie (Mr. Iri",rvey)
alluded was, he believed, still sitting. If' so, it wqsld be
very desirable to refer to them the consideration os how
far the conduct of the Bank of England had tended to
bring about the present state of things. How far that
state of things would prove what the lion. Baronet
called " a passing cloud," how far those on whom that
passing cloud had broken and whom it overshadowed, how
far the tens of thousands who were starving and out of
employment, in consequence of circumstances over which
they had no control, might be rescued from the condition
in which they were now placed, events would show. But
although there could be no doubt that the existing state
of things was pregnant with inconvesdence and mischief,
one advantage might, flow from it ; namely, thet the cont-
racted:l chaeses woule no longer submit re a delusion of
which they had sn long been the victims. They would no
longer bear that the Bank of England sheuld have the
power of cortrolling the fortunes of ever; man in the coun-
try. At present tile most neghty masses of property were
no more secure from its power than \vas the humblest indi-
vidual in the commercial community. His Majesty's Go-
vernment and the House would not do their duty uu-