The Sun.
London, England, 1847-11-24 00:00:00

ige mild reckon nearly 100 commercial establishments
in Lon ion srd r ivespoo: which had been affected by it.
Tiiey-had been eharAeci with overtrading and imprudent
speculalions. There certainly Was; one class whose
speculation!., although prudent at the had become
imprudent from the acts of the (;overrun,nt—he meant
those persons who had advaoct.d their money on Went
Indian oroperty—(lleaii-, hear)—and who had by the
present *Government been deprived of labour at any
reasonable rate. knex tninv instances in which
the agents had drawn on the proprietors at home,
but the hills feel not been taken up.—(Hear, hear.)
If a man had a capial of 10,0001 or 20,000/. he might
legitimately be doing a buinr•ss of three times that
amount by the a.cl ofcreclit. All the manufactures, and
the whole trade of the country from one end cf it to the
other, were carried on upon that plan—(Hear, hear)—
and if they were to say that persons who acted on that
principle were over-traders, and deserved i.o sympathy
or pity, they would destroy, as they had in fact already
destroyed, the great portion of the commerce of this
country; for, as commerce must be carried on upon ca-
pital and °reins, the credit had been entirely withdrawn,
the rate rrf•interest demanded amounting to a suspension
of credit altogether.—(Hear, hear.) What had been the
exp-nrience of the country with reference to the Bank
Charter Act? At one period, he believed, the rate of
interest had been down as low as 3 or even 2} per cent., and
then all 'at 'once it had run up to a sum which had caused
a total exclusion of credit. If it was not the intention
of the Government to institute an inquiry into the
working of this Act—
The Marquis of LANSDOWNE had not stated that
the Government did not wish such an inquiry.
Lord ASHBURTON maintained that if the Govern-
ment did not intend to alter that Act they had called
Parliament- together to encounter a greater amount of
unpopularity than any Ministry had ever yet had to
contend with. He considered it most unwise to force
the Bank to exact an interest of 8 per cent. If a high
rate of interest, amounting to 8 or 10 per cent. were
required, it would absorb all the profits of trade, and
destroy their manufacturiug and commercial prosperity,
for manufactures and commerce would go to those coun-
tries where capital was cheaper. The Government re-
quired the Bank to get a minimum interest of 8 per cent.
when money could he got elsewhere at 5 per cent. The
Noble Lord opposite praised, and very properly, the
Government fur issuing the order they die, but if they
had done so sooner a great deal of mischief and ruin
would hare been avoided. That was proved from the
general confidence which ensued upon the relaxation of
the restriction. He apprehended that the corn laws
had a great deal to do with the distress. There was
of course a necessity for importing corn to a large
amount, and the balance of trade turned against
them, but not to any serious extent. The whole
amount of -bullion sent to America did not exceed
4000,0001. or 5,000,000/., but the exchanges with the
Continent.wete in their favour. What great matter was
it that this.emounteras sent out of the country while
the I3mk had 15,000,000/. or 16,000,0001. in its coffers.
Ile believed that, were it not for the Bank Restriction
Act, they would have gone on without any panic what-
soever. Some Noble Lords were constantly in the
habit of employing the word free trade, and using it as
a pass-word for everything vicious in legislation.—
(Laughter.) 'They also talked of the benefits of cheap-
fleas. lint if they made things cheap by legislation, and
at the same time diminished the means of those who
Were to purchase these cheap articles, he did not see the
benefit of it.—(Hear.)
Lord BROUGHAM could not blame the Government
for having called Parliament together at this very early
and most inconvenient period, seeing that they had
Placed themselves in-a position which made it possible,
and even probable, that a Bill of indemnity might be ne-
cessary. If the Government thought it right to apply
for such a Bill they would find no difficulty in getting it.
(Hear.) It was his own clear and deliberate opinion,that in the earlier part of autumn sufficient pressure
existed to require the interposition of the Government.
When he saw the effects produced on the whole com-
merce of the country by the acts of the Bank itself, by
its lowering the rate of interest first, and afterwards sud-
denly raising it, when it ought not to be so suddenly
raised, and then ultimately raising it so high as to
Uneunt to a refusal, and at last also lately refusing to
discount, and this at a time when the pressure on the
commerce of the country became insupportable, that he
whether*h the existence of this great body, with
bts te d
powers and its almost unbounded influence over
whole commercial concerns of this empire, was not
;learly•purchased by this irregular and unsteady action.
zio man more deeply felt than he how uch of he
wretched state of Ireland was owing to them impolicyt of
Years,, gone by; no man more readily confessed how
`uticit was due to that country from this and from the
!Inpire at large; but, above all, one thing was clear and
.rueyond doubt, that before any attempt could be made to
tePaY what they owed in what was called " justice," or
doirretr.ace their steps—if steps had been taken in a wrong
.tonLettoo—in her favour; before anything could be at-
thg rvted, or thought of, or named in debate the one
`a needful was, that the preseet state of that, country
,e
"'ug t, by the force of the law, be 'altered. It was
.said
that it was only in four or five counties that•this
tinate of
things existed; but, if allowed to con-
;ettieLt would not long be confined to those
beoeit
(Hear, hear.) For what was the language
k by these wicked men, and by their still more wicked,
tbecause less ignorant, leaders—(Hear, hear)—whether
hatr clerieal, but they could not hope to put an end to
te_state of things till the law between landlord and
tsusa,nt Was settled, and some compensation was made to
:to latter. What they wanted was, that there should be
Shoulrent, and that the relation etween landlord and
should cease -altogether, or else that the tenant
Zd become the landlord, and the landlord the tenant.
o(1-lear.) And, therefore, even it he saw a law which
.uld adjust the different relations between both pe-
nes
the most fair and equitable manner—as he con-
fessed no was not able to see his way to any such law—
Yet he should say the present is not the time for it. It
must ees..be thought of or dreamt of until tho law has
ben vindicated, and murder and instigation to murder
()have been-put down. Ireland stood at that hour in a
!Wen of shameful and hateful eminence. It was the
neighbour of the most
civilized nations of the world,
btadroyet there was no country, including the most bar-
Hius
.and savage,in which life was not more secure.
mould wait to express his opinions more fully
haddti e" measures which her Majesty's Governmtn
•
contemplation were before the House.
°
put
fersurtn
PP no quarter of the 'louse need they
nursiosition to any measures framed with a; view of
ng an end to the frightful state of things which
tt_ttel in Ireland. Let not Noble Lords opposite fear
ePposition of this or that knot of Members, or seek
neutralise their enmity. Let them th ow themselves
their dente and the country ; let them depend on
tmeasures, and he would answer for it they would
The general support from both sides of the House.
neti,Yo would have the satisfaction of doing their duty
Thereut risking their authority or their tenure of office.
erneolvwft3 part of the subject which it was almost
difficult to abstain from touching upon as to
allud
altar° j t
'7lle- meant denunciations of persons from the
. some if the Pastors of the people. He believed that
aecounetnese had already committed illegal acts, if the
z,,s "IS of their incitements were not very much ex-
, eneratee
reach but it the law was not found sufficient to
state
oilew, or if the exscution of the law in the peculiar
co_ t society in these districts where these denuncia-
, re,tl2,aelld to .k place should be found to be sur-
oe;V..el with insurmountable difficulties, then let the
he which the Government was about to ask for,
. it„,"'neee
.so stringent as to reach them without doubt ;
ust desire to
there Via s no real friend of Ireland but
to see her greatest criminals brought to
°DEN had. recently returned from Ire-
th_, wished to say a iew words relative to the state
torti'" "tnitry. Great as was the speech of the Noble
I.4etaii (Lord_,.‘r Stanly), true as. were its details, no
so of ever came up to the reality of the resent state
n slater country —(llear, hear.) It wpas not his lot
the flee in but districts. wh 'hilt these outrages occurred,
n,outee had near relatives and valued friends there, for
fate he felt the deepest anxiety In Limerick
APPerarY, and Roscommon' it Was notorious that gentle-
,
atmen were platted on the lists of victims to be murdered
such periods as to the murderer might be conve-
nient, The names of parties thus marked were well
flown. To some of them it had been suggested to
leave the country, but he would give the House the
reply made by a Noble Lord, who was well known to
them, to a suggestion of that description. '• I am placed,"
he said, " in a high and important station here, and
Whether= life or death be nay portion, here I shall re-
niain."—(Cheers) It was an appalling circumstance
to bear in mind in what this horrible state of things
originated. It originated in a wicked press, which, day
after day, promulgated the most sweeping calumnies,
not against individuals, but against a w hole class, hold-
, ..ing them up,-'as had been done -elsewhere, this year, as
.
t
Tonly:to-:be swept from the face of the earth."—
ear, hear.) Nor was it only by the press they were
__us branded. At public meetings similar calumnious
. "atenitents were made, and the consequences were such
I:!tucks as they now almost daily, nay, hourly, heard of.
Ze_ hoped the Government would show•themselves in ear-
dies? giving protection to life and property in those
he recta. What measures they ought to, or would adopt,
would not pretend to say ; he supposed, however,
• -hat tine of the first steps would be to disarm the people.
reothing could be more preposterous than to see labou-
. Geri!, a 5 happened at present in Ireland, come into the
" tO work with arms of all sorts, pistols, muskets, and
• .hoen blunderbusses, in their hands. An Arms Bill,
• eZeeeer, would not be enough. They wanted a remedy
oi-.),n'sttainst an open, but also against a secret foe. An
but tif" they might meet, an open foe they might fight,
nehin:i'y had to meet in Ireland a shot from a foe hide en
tfie e a wall.—(Hear, hear.) They must deal with
, this re°l3le, too, not' as they would deal with them in
we_neountey. In Ireland joy was openly expressed
tn''Qateatheserder was comthitted; the country was illu-
Public ' bonfires, blazing from hill to hill, signified the
Pl•°hablr'l°jeing. and yet the man who had fallen was
ts„, no tyrant but a humane and liberal-minded
.‘""d• Th G
Thee e overnmenn then, Must' be in earnest.
then' :_if_"B. t.. mot mind the opinions of this or that man;
l,t4ine.metiodawsfuteivl.oolc straightforward, and do what was right
Whatever their measures might be, there
er, one subject of great congratulation,
be'stutel,;),,:Bl.ll they would be carried out by ono of the
eord Lieutenants of Ireland. Lord Cla•
reeej
seemedn
• the se"peculiarly fitted for his purpose. During
reshort time he had been in Ireland he had secured
alaattachment of all classes and every right•thinking
nnarwyou_ldearejoice that it was by him that any extraor-
carried measures
sures
for re storing tranquillity would be
Earl w T A d
of the laaguage
sees last session with re gar to the laddlords of Ireland.
lifted - complained
should be glad to know if Government had made any
Ineculations as to the number of persona for whose sus
041'(14deu.reoinugpth,e.e present year.
rnalleo it would be
tlt importseemed
hfirmo f
rlor
me -
necessary
rn -that there would he at least two
• p 7 .

e ‘42,