The Sun.
London, England, 1847-11-25 00:00:00

-w

TEI E SUN, LONDo'N,

X). N' G, 0 VP. 11 1847.

by that pries) they had lost, and from the loss ever}
inhabitant of the manufacturing districts was now slit
feting- For these reasons he was entitled to say that
their free-trade prophecies so far had failed. Another
signal proof of the shortsightedness of their vaticina-
dons was to be found in the working of the Bank Charter
Act. It was declared with regard to that panic of 1825,
adverted to by the Hon. Member for Montrose, that such
a calamity could never recur while the Act of 1844 was
in operation. Yet, after three years, after a full trial
had been given to it, and despite such a wholesome re-
medial measure, another season of panic, more ruinous
than any which preceded, had startled them, and that
Government, some Members of which—the Chancellor
of the Exchequer certainly—were disciples of the. Bight
Honourable Baronet (Sir R. Peel), had found it neces-
sary in a temporary pressure to give way, and t,
suspend a measure which, instead of preventing calamity.
only increased commercial distress when it Ives occa-
sioned.—(Hear.) The Hon. Member for Montrose
did
not appear to think that suspension had done any good
beyond restoring credit. Why, a country like this
lived upon credit. An eminent statesman had ca'd
in
that House, that credit, if not the sun, was at least
the sunshine. Their sun was now gone, for their
gold, under the operation of their law, had been all
exported, and they must look for their sunshine in
whatever quarter they thaught it likely to he found.—
(Cries of "hear, hear.") He was of opinion the Go-
vernment had done well in getting that little degree of
credit for the nation; they had, indeed, much to answer
for that they had not clone so much sooner, before s
number of great firms had fallen. Was it for the Go-
vernment to select who should and who should not fall?
The Honourable Member for Montrose had said that
there were some ten or twelve of these firms that ought
not to have stood—that ought to have given way sooner;
but would he Government adopt that line of argument?
If that had been their policy, let theta say so; but, if
not, they were answerable to those mercantile houses,
and to tho people who were dependent upon them, for
the ruin they had allowed to fall upon them.—(hear,
hear.) The Right lion. Baronet, the Home Secretary,
was understood to deny the statement that had appeared
in the public papers, to the effect that he, as the repre-
sentative of one of the northern counties, had been the
immediate cause and instrument of the very proper pro-
ceeding which the Government had taken, but which
they had resisted so long, standing out against all other
applications from London, from Liverpool, from New-
castle, and other places, but yielding at last to
the urgency of those connected with the col-
lieries.—(Hear, hear.) No one who knew the Right
lion. Baronet could for one moment suppose that lie had
been impelled by any but the most honourable motives
in any share he might have had in the course taken by
the Government—(Cheering)—there must ha+ e been
some peculiar urgency to induce the Government to do
at once what they had before refused so obstinately and
denyingly. The House ought to have heard from the
Noble Lord, and ought that night to hear from one of
the members of the Government, what had been the
peculiar circumstances which had led them at last to do
what they had refused at first ; and also why, when
once they thoeght that course right, they had not taken
it sooner.—(llesr, hear.) The Hon. Member for Mon-
trose had blamed the Government for having violated
the lawebut the Hon. Member was a supperter of the
present Government ; and if he continued to support
them, he must make up his mind to get used to such
violations; for twice during the two years they had been
in office, when the Right Hon. Gentleman the President
of the Board of Trade was Chief Secretary for Ireland,
last year, he had taken upon himself a responsibility of
that kind, and now the Right lion. the Chancellor
of the Exchequer had taken the same course. The
Honourable Member for Montrose must lecture his
friends if he was so particular as to violations of the
law, for it had not happened to any Ministry, lie (Mr.
Bankes) recollected, that twice within two years they
should have taken upon themselves the responsibility of
acting contrary to the express dictates of the law. Ile
is as, however, ready to give his sanction to the violation
of the law in this case, and perhaps he might be ready
to go further than a temporary violation.—(Hear, hear.)
He had no doubt that a great degree of additional cala-
mity had been prevented by the degree of credit given
by the knowledge that the law might be violated. The
allusion to this matter had, moreover, been introduced
into her Majesty's Speech in a very unusual and un-
precedented way; for her Majesty was made to appear
the original propounder of this proposition of disobe-
dience to the law. The words in the Speech were—" Her
Majesty, for the purpose of restoring confidence, autho-
rised her Ministers to recommend to the directors of
the Bank of England a course of proceeding suited to
such an emergency." Now, he should have thought
that the proper expression to have used was the common
one, that the advisers of the Queen had subrnisted to
her Majesty the propriety of departing in this
case front the Parliamentary enactment. He observed
by the papers that it was reported to have been stated in
another place that this course of violating the law had
been taken at the recommendation of two Ministers only,
and was not the act of all the Government. Hots ever
that might be, he believed the public would not quarrel
with the proceeding, except that part of it which recoil].
nsended that a high rate of interest should be charged.
The inconvenience arising from that recommendation hail
been very extensively felt, and that was another reason
why the name of the Sovereign should not have le en
used in this universal manner, coupled with a transaction
which, so far as the usurious rate of interest was con-
cerned, might be unpopular. With respect to the Bank
Charter Act, the ultimate determination of the Govern-
ment was not yet known, but the House had heard from
the Right Hon. the Chancellor of the Exchespe r, that
while Parliament was sitting things were to g ) on as
they now were, because if a difficulty arose the Legisla-
ture could interfere; but the Right lion. Gentleman had
not declared whether towards the end of the session he
would require from Parliament a conditional permission
ter the relaxation of the law. The Government could
hardly be entitled again to ask for such an indulgence if
they allowed the whole session to go on leaving the Act
in its present state. Whether an explanation of what
the Government intended to do with respect to the
Bank Charter Act was to form a part of the statement
of next Tuesday, the Right Hon. Gentleman the Chan-
cellor of the Exchequer had not stated; but it was to be
hoped that the Government would at once answer at
least these questions:—What was the peculiar ground
which had induced them to relax this Act of Parliament?
and why they had not relaxed it sooner ?—(Hear, hear.)
Mr. LABOUCHERE—The lion. Gentleman who
has just sat down reminded the Government that it had
been their fate, during the two years they had held the
gorernment, to be obliged, on two separate occasions, to
exceed the law. It would ill become me to speak
lightly of an infringement of the law of the land by the
Government; but, on the other hand, I am not prepared
to say, if it should be the fate of the Government to be
a third year in office, and if circumstances should again
arise which should, in their opinion, render it necessary
ler them to take upon themselves the responsibility of
exceeding the law, that they would fear to do so—
(Cheers)—and then throw themselves upon the judg-
ment of the Parliament of England.—(Hear, hear.)
That is the only answer I shall make to the observation
of the Hon. Gentleman, which I apprehend was meant
for a taunt. The last two years were marked by extra-
ordinary circumstances. The first occasion to which the
Hon. Gentleman alluded, when I had the honour to hold
the office of Chief Secretary for Ireland, was marked
by peculiar calamity affecting that part of the empire.
—(Heer, hear.) The present occasion, which we have
met now to consider, has been marked by great and
widely spread misfortune, affecting the commercial
classes of this country; and I should be ashamed of the
Government if, upon either of those two occasions, they
had shrunk from taking upon themselves the duty and
the responsibility which are attached to the offices they
hold, which are necessary for the public service; or if
they had hesitated in putting in exercise any power
they might possess to stay the progress of the evil. I do
. not conceive it is necessary for me to anticipate now
that discussion which will far more regularly and pro-
perly come on when my Right Hon. Friend the Chan-
cellor of the Exchequer will state to the House all the
circumstances and reasons which led to the course which
the Government adopted with regard to that communi-
cation with the Bank of England. But when the Hon.
Member for Dorchester says—" Answer me at least one
question; tell me why was this step by the Government
taken at this particular time; neither sooner nor later?"
—I think he must see,—the House at least, on a mo-
ment's reflection, will see, that it would be utterly im-
possible for my Right Hon. Friend, or any member of
the Government to answer that question without going
into the whole circumstances of the case.—(Hear, hear.)
And, as my Right Hon. Friend has promised the House
to make his statement on a day no more distant than
Tuesday, I hope the Hon. Member for Dorchester will
restrain his impatience, and not ask the Government to
do that which they cannot possibly do without at once
opening a wide field of discussion. I should not have
trespassed upon the House had it not been for some of
the observations of the Hon. Member who has just sat
down, and other remarks of a similar ,charac•
ter. I had hoped that the speech of my Noble
Friend at the head of the Government had disposed of
all that part of the discussion which attempted
to connect the recent commercial distress with
what some Hon. Gentlemen are pleased to term
the utter failure of free-trade policy.—(Cheers.) But
all that the Hon. Gentleman opposite has advanced under
that head amounts only to this—that you have recently
adopted free-trade principles, and it does so happen that
in the course of the present year there has been a time
of great commercial embarrassment and distress. But
I must say that some of the observations made by the
Hon. Gentleman regarding the supposed failure of free-
trade policy did appear to me to bo very strongly in
favour of that policy. Think of the effect of introducing
such a large quantity of grain! 10,000,000 quarters!
Why, the answer to that is, we very much wanted all
this grain.—(Cheers.) Ono would think that the most
scandalous and wasteful expenditure of oar money had
taken place in the purchase of this grain) but the lion.
Gentleman might as well argue that a man had brought
himself to ruin who had spent his money in the baker's
shop to purchase bread for his children.—( Hear, hear.)
It is a remarkable circumstance, and one which I view
in a Tory different light to the Hon. Gentleman, that in
a time of most appalling calamity in Ireland, when, by
a visitation of Providence, the supply of the usual food
was cut off, the riches, the energy, the credit of this
country should have attracted towards its shores
this unusual import of food. In the whole com-
mercial history of this country, I say, I know of
nothing which strikes mo more forcibly with an
impression of the power of uncontrolled trade than
this enormous supply of human food.—(Fleur.) The
lion. Gentleman has challenged us to show an instance
in which foreign nations have followed our example in
free trade; but he has not, I think, observed the conduct
of foreign nations with care and accuracy, or he would
not have so spoken. My own conviction is that the
example of this country has produced most remarkabl
results upon the conduct of foreign nations.—
Ceers3
If I were now entering fully into the subject 11l could

ihow that many countries have made the most important
modifications in their tariffs to the advantage of this
country by the reduction o duties; but I will not now
go into any memoirs upon that point further than to
mention otle instance—•h t of the United States of
Airerica.—(flear, hear.) It was only in December last
that the Legislature of the United States revised their
whole tariff, and made the most important reductions iu
it; and everybody acquainted with the circumstances of
that country knows that the party which pressed for
these reductions, and carried them, were mainly assisted
by being able to say, " England has altered her corn-
laws, and has shown a disposition to favour the com-
merce of the United States."—(Hear, hear.) I really
feel that I ought not to allow myself to be
dragged into a wide field of discussion on
the present occasion. At the same time, having
heard such confident assertions made by the Hon.
Gentleman and others, on the opposite side of. the
Home, with respect to the utter failure of the measures
if free trade, as exemplified in the history of the last
three or four years—believing as I do that there is no
inundation in tact for making such assertione,and feeling
,ertain that whenever those Hon. Gentlemen shall,
natead of vague assertions, venture to place their propo-
sitions in a te.ngible shape before the House, and bring
forward something like proofs in their support, they will
altogether fail in so doing, I felt it my duty to enter my
ero:est against the assertions which have been brought
rorward in this discussion, and having done so I hope
'he House will now proceed to receive the report on the
Address.—(Hear, hear.)
Mr. NEWDEGATE had been led to hope by the
speech of the Right Hon. Gentleman, the President of
he Board of Trade, that he would take pity on the
ignorance of the House, and help to enlighten them on
,he subject of free trade. A few months ago he (Mr.
Newdegate) moved an Address to the Crown for returns
allowing the changes which had occurred in tho tariffs of
foreign countries since the recent change in our customb'
duties, but to this moment those returns had never been
produced, and he had consequently been driven to this
conclusion—either that her Majesty's Ministers intended
to refuse to grant those returns, or that they were not
aware what changes had taken place in the tariffs of
foreign countries. As he had been informed, how-
ever, that an Address to the Crown did not ter-
initiate with a bygone Parliament, he was still in-
inclined to hope, especially after the speech of the Right
[lon Gentleman (Mr. Labouchere), that ere long Par-
liament would be informed what changes had occurred
in foreign tariffs in consequence of the relaxation in
ours. The Right Hon. Gentleman had also announced,
that although Government had twice violated the law
within two years, they were prepared to violate it again
if necessary. 11. thought it most unfortunate that Go-
vernment should have allowed so many large and im•
portant firms to fail before they suspended the Bank
Charter Act. He had seen a list of no fewer than 117
large and important houses which had stopped payment,
and that list was not complete. The !limes of some of
these firms were Alexander, Lesley, and Co.; Douglas and
Co.; Sanderson and Co.; Reid, Irving, and Co.; Nephews
Gower and Co. ; Perkins, Mullens, and Co ; Barclay
Brothers and Co. ; Trueman, Cook, and Co. ; Robinson
and Co. ; the Abingdon Bank, the Liverpool Banking
Company, the Newcastle Bank, and the Royal Bank of
Liverpool. He hoped the House would not be led away
from the consideration of the grave circumstances
of the country by the loose assertions which were
made respecting the insolvency of many of these
houses. Had not certain changes taken place in the
legislation of the country ? Would it be asserted
that the West Indian houses would have failed
had not their property been undermined by the changes
which had been made in the customs' duties of our
country ? (Hear, hear.) Or would it be boldly
asserted that these houses had experience previous to
the present time of the pressure which had occurred
under the restrictions of the Bank Charter Act ? He
was surprised that the tone of the Right Hon. Gentle-
mars, the President of the Board of Trade, was so
cheerful ; for if there was any department of the
Government the representative of which ought to be in
mourning it was that Right Hon. Gentleman. What
were the accounts from Manchester ? By the last
accounts it appeared that there were 20,000 men out of
employment.—(Hear.) And every day brought accounts
of more distrust, more mills closed, more operatives
being thrown out of employment in other districts.—
(Hear.) For the Government to deny the connexion
between this state of things and free trade, was, he
thought, to attribute inefficacy to their own measure.
He remembered last May hearing the Hon. Member for
the Tower Hamlets say, that it was an odd and alarm-
ing circumstance that during the period when the im-
ports of corn were enormous, there was at the same
time a large increase in the import of articles of inferior
necessity ; and he feared it would have a serious effect
on the balance of trade. It had a serious effect.—(Hear.)
The Noble Lord the Member for Lynn did not for a mo-
ment attribute the whole pressure to the mere action of
free trade upon ordinary circumstances ; but when they
had it shown by documents before the House that there
was increased importation in other articles besides corn,
how the Right Hon. Gentleman, the President of the
Board of Trade, could say that the free-trade measures
had nothing to do with the present difficulties, surpassed
his poor understanding. He must say, too, that the
Noble Lord at the head of the Government, in his poor
understanding, had rather evaded answering the power-
ful address of the Noble Lord the Member for Lynn,
who opened the debate. He (Mr. Newdegate) recollected
an expression which the Noble Lord had used towards
him last session, when he had counted out the House
upon the debate on the affairs of Portugal, that his
rescue of the Hon. Member for Montrose from the re-
sult o f a division on that occasion was something like
the proceedings of a gode:ess of ancient days, who in-
volved her hero in a cloud and carried him off into ob-
scurity.—(Laughter ) He (Mr. Newdegate) thought
that the Noble Lord had on the present occasion involved
himself in obscurity. He would have them believe that
it had reached even his understanding. The Noble
Lord had professed himself unable to understand
the proposition of the Noble Lord the Member for
Lynn, who attributed the export of bullion to
the necessary importation of corn, aggravated by the
increased importation of other articles; he said he was
surprised that the Noble Lord should complain of the low
price of cotton at Liverpool, which had been produced
by free importation. Really this was asking the House
to believe that the Noble Lord was less able than they
all knew him to be. The proposition of the Noble Lord
(Lord G. Bentinck) was this ; the exportation of gold
destroyed credit by the restriction which was placed on
it by the Bank Charter Act. This destruction of credit
artificially reduced the price of cotton, which was pur-
chased by those states whose credit was unimpaired,
while it was useless to our own manufacturers, who were
unable to buy it.—(Hear.) The Honourable Member
for Montrose had said that many of the houses who
had recently failed were houses which ought to
have fallen, and he was sorry that more of them had
not como down. Was that the way they were to deal
with those upon whose speculations the whole free-trade
measures were founded? Was that the way they were
to deal with that credit which alone could bring those
exports which produced the balance of trade, an save
us from continual exports of bullion ? He had seen in
the public papers expressions about " sweeping away
false credit, and destroying houses which ought not to
stand," and about " bringing credit as frequently as pos-
sible to the test of capital." What must be the end of
such a system ? What but the reduction of the means
to meet the effects of the free-trade legislation which
had been adoptei by the House ? He not only regretted
to have heard such expressions as those he had referred
to applied by some public journals to the commercial
men who were pressed upon by the exigencies of the
times, but he had seen language used tending to harden
the hearts of our fellow countrymen against the pro-
gressive distress of the working classes. He found the
following remarks in the Speciater of last week :
" The worst dark spot in the prospect for the winter
lies in the discharge of railway labourers. These men
are not numerous enough, perhaps, to impart anything
of an insurrectionary character to the disturbances
which they are sure to create in want and idleness ;
but they are strong, brutal men—they have been pam-
pered, they will feel the pinch of destitution, and will
be doubly exasperated by the appetite for enjoyment,
and the gnawing of hunger in their robust and angry
stomachs. Crime will abound this winter—crimes of
violence and hateful excesses; and extraordinary pre-
cautions must be taken to check the lawless, if we would
not have the horrors of stormed cities in our towns and
rural districts."
Was this the doctrine of those who professed political
economy ? If it was at the suggestion of the Home Se-
cretary that Government had agreed to relax the pro-
visions of the Bank Charter Act, the Right Hon. Baronet
had added another to the many services for which the
country was indebted to him.—(Hear, hear.)
After a few words from
Mr. SCOTT, who said that every subject which had
been brought forward was a verdict against the Go-
vernment, and that the distress during the winter
would increase instead of diminish, owing to the want
of employment,
The report upon the address was then brought up,
road, and agreed to, and ordered to be presented to her
Majesty by the mover and seconder, and such Members
of the House as were of her Majesty's Privy Council.
The House then adjourned at a quarter to Ten
o'clock.

The Earl of Besshorough did not second the
Address in the House of Lords on Tuesday night. It
was Lord Elphinstonewho did so. The Earl of Bess-
borough is at present in Ireland.
Count Kielmansegge, the Hanoverian Minister, has
arrived in town from the continent.

TAB HEBREW CAME OerncEe
Doi" nt
the G
interlocutor
which
—We learn that in consequence
Lord has been
_pronounced by Robertson, interdicting
Professor Macdouall from exercising the functions of Pro-
in the U niversity, notes have been pre-
trate and fessor of Hebere
sented tohtheLword Ordinary by the agents for the professor, to to prohibit the clerk of the bills
from issuing the certificate of the interdict and the passing of
the note; so that the case will in this way come immediately
w be
illfore the inner .
House, where Lord Robertson's judgment
be viewedWe also understand that the reclaiming
note for the Presbytery will not be taken up till after these
notes are boxed, which in all likelihood will be the case in a
few days.—Caledonian Mercury.
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Nevertheless, this person is now labouring from
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