The Sun.
London, England, 1822-04-02 00:00:00

SUN.

AGRICULTURAL DISTRESS.

Mr. S. WORTLEY presented a Petition from certain
Owners and Occupiers 'of Land in. the County of Linlithgow,.
upon the subject of Agricultural Distress. The Petitioners
proposed for their relief, that 1,000,0001. should be applied in
the purchase of corn, in order to create a demand in the mar-
kets. They were. further of opinion, that no . adequate relief
could be granted by the reduction of taxation. All the taxes
that could by possibility be remitted, would bear, in their opi-
nion, no greater proportion to the measure of their distress,than
one drop of water to the mighty ocean. He concurred with them
as to the extent of their distress, and he must say that he had
been considerably disappointed in one source from which he
expected relief—he meant the lowering of the rate of interest.
He did not think the Bank of England was doing its duty, but
that it contributed mainly to the distress of the country by still
continuing to demand the extreme rate of interest at five per
cent. They ought to lower the interest, and thereby facilitate
the circulation of money' through the different channels which
produced wealth.' The rate was higher in this country than in
any other ; at Paris money was but at 4 per cent. which could
not fail to lead to the greatest advantages for the country in
which it was circulated. He had taken this opportunity of ex-
pressing what he felt with regard..to the Bank. .
Mr. MANNING wished to make a few observations in re-
ply to the Hon. Member, although he spoke not for the Bank
Directors as a body, but upon his own individual opinion.
The lion. Gentleman had observed, that a great portion of the
existing distress was to be ascribed to the conduct of the Bank;
and he must say, that he had never heard so unreasonable a
charge in hisslife. It was one which he conceived to be totally
without foundation.—(Hear !)—He begged to call the atten-
tion of the House to the precise situation in which the Bank
Directors stood. They were held up as the 'cause of agricul-
tural distress, because they did not lower the rate of interest ;
whereas the fact was, that they had nothing to do with lower-
ing the rate of interest. It was a Parliamentary question, and
one which was at the disposal of Parliament alone. Upon
that principle an Honourable and Learned Friend of his had
brought in Bills in past Sessions for repealing and altering
the Usury Laws. He had understood that there had been an
outcry against the Bank Directors, in which certain official
persons had joined, but he was at a loss to know why they
were to be held up as usurers and extortioners.—Their whole
capital of fifteen millions sterling was lent to the country at
three per cent., and he was convinced, that to reduce the rate
of interest from five to four per cent. would aflbrd no re-
lief whatever. Any person. wishing to mortgage land might
now have as much money as he liked at four per cent. upon
good security. Upon a first mortgage money to any amount
might be got upon those terms. The Bank were now carry-
ins into effect the measure upon which the House deter-
mined in 1818, whether wisely or not, he would not then say,
and their arrangements ought not to lae disturbed. He;
believed that if more money were issued it would shortly come
back upon them for gold, and that the cireulatioa was quite
full at the present moment. Every endeavour to force down
the rate of interest in this country would occasion British capi-
,otal to be carried abroad, where ji good deal had already passed
nce the peace, which would not ati easily return as some
Gentlemen seemed to expect. He knew of his own know-
ledge that in one case 300,0001. had been sold out of the Five
per Cents. and carried to foreign funds. He was quite con-
vinced that if things were left to their natural course they would
go on well, and the change to a metallic currency would be
carried into entire effect. He begged to be distinctly under-
stood as having been speaking merely for himself and with-
out the least authority from his colleagues, of whom he
could only say that they were actuated by the most honour-
able motives.
Mr. Serjeant ONSLOW complained that his intentions with
regard to the Usury Laws had not been treated in the most
candid manner. .He conceived that they had been attacked.—
(Cries of " No, no !")
Mr. MANNING said, that his Learned Friend had quite
mistaken him.—(Hear, hear!)—He had not intended to say one

PRICE SZVtNPENCE.

, word in censure of the propositions he had at former periods
, brought forward.—(Hear !)
• Sir W. NVYNNE wat;understood to express his hope that
the rate of interest would be lowered.
The CHANCELLOR of the EXCHEQUER said, he was
• not in the House when the petition tvas presented, but, in an,
swer to what had fallen from the Hon. Baronet, he'begged to
make one observation. It had been some time submitted to his
Majesty's Law Advisers, to consider the expediency of remit,
ting the valorem duties upon all transactions of mortgage.
And it was his intention very soon after the' recess to propose a
measure to the House the principle of which was, that trans..
fers-upon mortgage should be allowed to be indorsed by the
party borrowing to the party advancing the money, without the
ad valorem stamp, but merely requiring the common deed
stamp.—(Hear, hear I)
Sir T. LETHBRIDGE expressed his satisfaction at what
had fallen from the Right Hon. the Chancellor of the Exche,
quer. He could not for a moment entertain the idea that the
Bank of England had any share in producing the agricultural
distress' of the country. He believed that the country was
very much obliged to the Bank, and the Bank to the country.
—He Must repeat, that the House could not separate without
dedng more than had yet been announced for the relief of a"ri.
culture. The Report of the Agricultural Committee would
doubtless be shortly before the House, anti he took this 9-
portunity. of stating his entire concurrence in it zi; 4 palliative
for the *,..ioleat erliserese- with which -they were afflicted. But
that 'wits' not as much ea the_country had the right to expect,
and would have:
Mr.' J. DENITTT made some observations upon the ex-:
tent of the distress and its causes. He preferred smell discus-
sions to the mode of deliberation which the Noble 'Marquis of
Londonderry recommended.
Mr. WESTERN considered that those whose property was
embarked in agriculture were now on the brink of ruin. He
believed that two-thirds of the farmers of Essex, if their U.,'
counts were to be made up, were at this moment insolvent.
He solemnly called upon Ministers add Gentlemen in that
House to look at such a situation of the country ; a situation
unpaialleled in the history of any other, and to inquire the
cause of that situation. It was, he thought, one which must
convulse the whole frame Of society, unless it were speedily
altered. Landlords for the last two or three years had been,
and still were living upon" the capital, of their tenantry. To
comprehend the cause of such a situation, he admitted, Was
difficult, and to find a remedy still more so ; giving his own
individual opinion, he had no hesitation in saying that the late
violent measure respecting the currency was a principal cause,
and that reduction of taxation was the only remedy. It might
appear singular that he had hot presented one single petition
this Session from his constituents to that House ; but his firm
belief was, that they forebore to petition the House, because
they despaired of finding their complaints attended to. lie re-
peated, that in his opinion the distress was mainly-to be at-
tribUted to the state of the currency. The Suspension Act of
1797 was, he thought, a breach of faith towards the public
creditor and the Act of
.1819 he considered as an injustice to
the public debtor, inasmuch' as the latter was compelled to
pay for what he d never received. So destructive were the
effects of the latter measure, that even now he thought 'it was
not too late to reconsider it.
Sir E. HARVEY concurred in the -statementof his Hon.
Colleague; that his Constituents were living on their capital.
Mr. li USKISSON deprecated the discussion of a measure
of so much importance as that which bad been alluded to upon
a question of merely bringing up a petition. He was sure his
Lion. Friend, the Member for Yorkshire, had not, on moving
to bring up the petition, attributed the distress of the country
to the resumption of cash paynients. It was better, he thought,
to discuss the general question upon the Agricultural Report •
itself, and not on the anticipation of it. He certainly consi-
dered that the Bank would materially relieve from the present
pressure, by lowering the rate of their discounts ; and as some-
thing had been Said about the:Loans of the Bank to Govern-
ment, he could not forbear remarking, that they had always
upon those loans received corresponding advantages.
Mr. 11-10NCK said, the Bank had a right to make the best
use of their capital, and that any relief oceasioned by the low-
ering of interest would be of small amount, except to mort-
gagees. The distress of the country could, in his opinion, be
relieved only by artificially raising the price of agricultural
produce, or by reducing taxation.
Mr. HUSKISSON explained.
Mr. PEARSE addressed the House, but in a voice almost
inaudible. We understood him to attribute the agricultural
distress to an excessive produce, and to say that the rate of in..
terest necessarily 'depended upon the state of the Funds.
The Petition was then read, and ordered to lie on the table
and be printed.
Mr. S;WORTLEY presented a Petition from a 111 t. Bur-
gess, stating, 'that he had rendered services to the public in
suggestions respecting the Extra Post, resolved upon last Ses-
sion, and praying for some remuneration. The Hon. Member
said, that if the Petition was not opposed by the Chancellor of
the Exchequer he should submit a motion to thetiouse to-Mor-
row on the subject.
The CHANCELLOR of the EXCHEQUER said, he
should not oppose the bringing up of ' the petition, though he
did not assent to all the allegations contained in it. tie thought,
however, that the petitioner had some claim on the justice of
the House.

The petition was then received, read, and ordered to be
printed; and Mr. S. WORTLEY gave notice of a motion on
the subject for to-morrow.
ILCHESTER GAOL.

Jr. Alderman WOOD gave notice, that on the 4th inst.
he should submit a motion to the House respecting the Gaol of
Ilchester.

Mr. F. BUXTON inquired of the Chancellor of the Ex-
chequer whether it was intended to make an allowance to Of-
ficers of the Army similar to that made to those of the Navy
in cases of insanity ?
m. The CHANCELLOR of the EXCHEQUER said, he u
derstood that, such an allowance was intended in cases wherein
the insanity had commenced while the officer was in actual
service. _

AGRICULTURAL REPORT.
Mr. GOOCH brought up the Report of the Agricultural
Committee, and moved that it be read. The Clerk was pro-
ceeding to read it, when
The Marquis of LONDONDERRY suggested, that as ir-
rang,ements had been made for printing the Report as soon as
possible, it might be better not to have it read at present.' On
the mere hearing of it, there might be a difficulty for the mind
to embrace all the important subjects touched upon ; and if
erroneous impressions were received, it might be a work of
difficulty afterwards to remove them. He understood the Re-
port could be printed and be ready for delivery in forty-eight
hours.
Mr. ELLICE concurnd- in the opinion of the Noble Mar-
quis.
Mr. CALCRAFT said, he had not tilg, least objection to
the course suggested, but he wished to ask the Hon. Chairman
of the C'onanuttee whether he had been instructed to move
any measure founded on the Report ?
Mr. GOOCH. said he had not. He should however reserve
what he had to offer on the subject for a future occasion;
The Marqffis of LONDONDERRY said, 'it was his inten-
tion to propose Monday, the 22d instant, for considering the
Report, with a view to some measure to be foluided upon it.
After a short conversation respecting the priority, of a no-
tice which stood also for the 22d,
The Marquis of LONDONDERRY said, he was quite
sure there could be but one feeling in the House as to the pa-
ramount importance of the subject ; and that without reference
to any particular or party views, there would be but one ob-
ject taken into consideration, That which fairly arose out of the
Report.
Mr. BENNET thought there was no occasion for a regular
field day. The subject became better understood by short and
fivquent discus ion than by a set debate in which a long speech
was heard £tons the Noble Marquis on one side of the Houk!,
and another long speech in answer from an lion. and Learned
Gentleman on the other side.

The Marquis of LONDONDERRY said he also saw no
necessity for a field day, as the Hon. Member called it, but. he
supposed a particular motion was necessary on the Report,
and that it was usual to give notice of such a motion.
Mr. CALCRAFT was far from deciding that some discus.
sion would not be necessary on Wednesday, by which day it
appeared that the Report would be in the hands.of Hon—Mem-
bers. lie begged to ask whether the Noble Marquis intended
the day he had mentioned for a consideration of the Report,
or for the introduction of a measure founded upon it ; and. if
the latter, he wished to know what was the nature of the
measure.

The Marquis of LONDONDEItRY considered it irregular
to call upon any Member to state the nature of a measure of
which he had merely given notice. He ad, however, no ob.