The Sun.
London, England, 1830-02-05 00:00:00

every town, and almost every village--they are able to
ray large rents for fine new houses. I ask if this is a sign
, }f distress ? Or is it a sign of distress; that they are able
o build fine new houses in every part of every town?
l'hese are face, my Lords ; and, say what you please,
prove, notwithstanding the (litanies in some parts of
, she country, that on the whole the country is still rising
In prosperity, and that there are some persons cot afflicted
.vith distress. Now, my Lords, I wish to say a few words
on the remedies proposed by tire Nvble Earl, who seem
to have completely tnisunderetsod the arguments} of my
Noble Friend. The Nnl,le Viscount stated that the
Revenue in 1815 was eighty millions steel:me—that
liXt-fi were first of e.ll repealed to the amount of eighteen
• millions, and afterwards to the amount of nice
;nak-iagin all twenty-seven millions ; and he says
that the Revenue now produces in a sound cisr-
i reney as great an amount as it produced in a depre-
ciated currency. Those persons who consume the terti-
, cdes which produce the revenue must be able to purcirate
them, or the revenue could not exist. The increase of the
revenue is a proof then, that consumption has increased full
one-third since the time when the taxes were re4ueed. It
is impossible that the country in which the revenue, is a
period of fifteen years, had risen one-third, can suffer great
distress. The Noble Earl who spoke last referred the dis-
tress to a deficient currency. He, however, would have a
paper circulation. Now, I will tell the Noble Earl that the
largest amount of currency in circulation at any time during
the Bank Restriction Act, waft sixty-four minions sterling.
The Bank of England notes were thirty millions; country
bank paper, twenty-three millions ; gold, four millions ;
and silver, seven millions. But in 1830, the amount of
Bank of England paper in circulation is 19,900,000/. ; of
country hank paper 9.200,0001. ; of gold, 28,000,0001. ;
of silver, 8,000,0001. ; making a total of 65,100,000/.
It is certain, therefore, that there is snore money in cir-
coiatien now thin there was at any period of the Bank
restriction. There can be no want, therefore, of snore
currency. The Noble Earl, indeed, says Ire wants an ex-
tended currency ; but what ire in feet wants, is not an ex-
tended currency. but an unlimited currency. He would
give an ❑nlimited power to certain individuals, not to the
Crown, to coin as much sr.orfey as they please. The Noble
Lord wants to give them the power of lending as much
capital to other individuals as they think proper.—(Hear,
hear.) Thus, what the Noble Eerl wants—what I say
the country cannot have—(Cheers)—.without incurring
that ruin from which it so narrowly escaped in 1825
is as unlimited paper currency. The Noble Earl says,
in the West of England a man cannot borrow money,
though his corn-yard and his barns are full. The banker
will not lend his own capital, he says, because he can-
not 'mike a profit of it ; but tine banker would make a
profit by discounting bills, with which he is not content,
and lie will not lend because he cannot have also the profit
of issuing 1/. notes. What is wanted by these gentlemen
—what the Noble Earl would ♦ote for to-night—is not
more circulation, hut an unlimitesicirculation. He would
give a power to individuals to make Ray quantity of
money they pleased, which they might then lend to indi-
viduals without any security whatever. There are plenty
of proofs that there is no want of money in the country.
Never, at any period, was there a greater quantity of ca-
pital ready to be embarked in any scheme whatever. Any
lean who could set on foot a scheme with some plausibility,
was sure to obtain mosey to carry it into execution.
There was tin Power in Europe or America, neither Por-
tugal nor Brazil ; there was no Government, however
bankrupt—.whirls could not get money to barrow in Eng-
land. No man who poeeeteed any thing like tolerable se-
curity need want money. There was never more capital
ready to be employed than at this moment. lam sorry
to trouble your Lordships at such great length, but I
thought it necessary to reply to the Noble Earl's speech.
My Lords, in answer to all the declarations which your
Lordships have heard to-nig,ht, respecting the evils of
free trade, of a change in the currency, and other thines,
I have one fact to state, and it is this. Since the year
1815, and principally since the Bank restriction had been
taken off, measures have been adopted to relieve the eons,-
try of taxes, to the emouat of 27 millions sterling ; and
measures have been also adopted to reduce the charge fur
the National Debt between three and four millions a-year,
I that being the interest on nearly a hundred millions ster-
ling. 1 beg your Lordships will bear this circumstance in
mind ; sad let use tell you that all the advantages of a
so-called equitable adjustment will ■ever equal the advan-
tage already obtained from measures of this description.__
We have relieved the country, since the Bank Restriction
Art %Tag repealed, of taxes is the amount of nine million.,
and of a conaidereble portion of the charge for the National
Debt. When I say we, Ido not take this credit on my-
self—it is due to the Noble Lord on the cress bench (Lord
Bexley) and to the Noble Viscount opposite (Lord Gods-
rich) ; but I entreat your Lordship net to deprive tire
present Corernment, tire present Admiaistration, of the
power of imitating thetn, We have adopted measures of
economy which will hereafter be sulimitted to your Lord-
ships—measures for saving every shilling which is sot ab-
soNtely necessary for the honour and welfare of the coun-
try; and we only desire that the same confidence may he
placed in us as was placed in them, that we may be en-
abled to carry our plans of reform and economy into exe-
cution.

' The Earl of CLANRICARDE and Lord KING
rose together, but the former said he meant to detain their
Lordships but a few minutes, and the latter gave way.
The Noble Marquis accordingly proceeded to address their
Lordships on the subject of our Foreign Policy, and corn.
pained that the observation of the Noble Earl on this
aubjact had been misrepresented by the Noble Duke. The
Noble Earl had had no opportunity before of touching on
that subjtct : there had been no information before their
Lordships. He had himself given notice of a motion on
this subject at the close of the last Session, and then the
papers were brought down voluntarily, but they were not
presenteti to their Lordships till three weeks after they
had been laid before the House of Commons. There was,
therefore, no opportunity of diacnssing the question of
Portugal, and the Noble Earl had, consequently, been un-
able to bring it under discussion. He supposed that the
House would soon be called on to recognise Don Miguel;
but he hoped, before that were the case, every information
would be given which would make it convenient to dis-
cuss the question. He knew that a Noble Friend of his--
a Noble Viscount—had been sent on a mission to the
Brazils, and he hoped sonic information would be laid
before their Lordships respecting that mission and its
results. He congratelated the Government that it was
able to extract matter of satiafeetion from that defeat of
the Turks which it had formerly looked forward to with
SO much apprehension. He congratulated their Lordships
on tile vane which had overthrown a State, the preserva-
tion of which the regarded as essential to the interest of
Europe.
The Earl of ABERDEEN did not affirm that the re-
cognition of Don Miguel would take place; hut before it,
if it were thought proper, ample information would be
laid before their Lordships. At least should kis Majesty's
Ministers think it sight to take that step, information fully
to justify it would be lain befeee their Lordships. That
any intention at present existed so raccgniee Don Miguel,
ins must deny. At the same time he had long zonaidered
that lineet;on as one which related wkolly to the time when
the event must take place. Ile would give the subject all
the consideration in ins power ; and, when a resolution
was adopted, all the information won id roe produced which
might be necessary to justify the measure.
Lops; HOLLAND did not mean to make any observa-
tion, but only to ask, before the measure was completed
for acknowledging tine Lrsurper of Portugal, who had
shown all along the utmost hostility, and even perfidy,
towards this country—he only wished to ask whether the
information to be laid before their Lordships was to justify
that measure after it was taken, or consult their Lordships
on the propriety of ta'4ing it ? In the early part of the
Noble Earl's speech he had stated that information would
be given before t.king that step ; but ha had afterwards
teras,aael that when it bad been taken, it would be joatir,ed,
which -.Latin it necessary that their Lordships should
understand 'Aetna, the information was to be given
before acknowledging bon Miguel or afterwards.—
Ilia Noble Friend had received an namerited re-
boke from the Noble Duke. The Noble Earl oppaeite
had for two years refused all information on the subject,
on the ground that ia would be injurious to his Majesty's
service. He indeed said he was desirous, above all
things, to lay that information before their Lordships—
tbat he panted for the time to come when his Oen,' to
his Majeaay would allow him to give an explanation ; but
the Noble Earl ;.ed allowed one Session to pass with-
out giving the information;
_then the Noble Earl was pri-
vately inform d that a motion was to 44: tpade on the sub-
ect; and then the Noble Ea. I, after the papers had '.been
laizi on the table of the House of Commons for three or l
four weeks, th.0.,,g4t proper to lay theta on the table of
that House. They fortne.;l. a tares volume, not explained
by any comment, and not complete, riShey were laid on
the table without one single observation, one Jingle ea,
tnenele, being essentially incomplete and garbled. Before
that night Shore had been no opportunity to notice this vo-
lume ; and when Ilia 1;oble Friend had done it,with that elo-
quence and perspicuity for which ha. was distinguished, the
Noble Duke turned round on him, and saki why this is an
old Glory—why did not you not notice this before ? The pa-
pers submiatt.; to their Lordships slid not contain half the
case; they did not explai,-. the conduct of his Majesty's
Government, which he considered to have been peculiarly
bad .1.,..-24 disgraceful. He hoped that fouls further ex-