The Sun.
London, England, 1847-12-01 00:00:00

THE COMMERCIAL DEPRESSION.

The CHANCELLOR of the EXCHEQUER said
he rose for the purpose of moving the motion which
stood first on the paper of to-day, namely, that a
Select Committee be appointed to inquire into the
causes of the recent commercial distress, and how far
it has been affected by the laws for regulating the
issue of bank notes payable on demand ; and,
in pursuance of the promise which he made on the
first night of the session, he should avail himself
of the opportunity, not only of stating the reasons
which influcsd Government to give that recom-
mendation to the Bank of England, which was con-
tained in the letter of the 25th of October, signed by
himself and his Noble Friend the First Lord of the
Treasury, but also to state the views which Govern-
ment entertained of the causes which had given rise
to the commercial distress. He need hardly say
that it was from no unwillingness on the part of
Government that this statement was not made at an
earlier period of the session, because so much mis-
apprehension had prevailed as to many things which
had taken place as to make it no less the in-
terest of Government than it was their duty
to lay that statement before the House
and the country at the earliest possible period.
That duty, hola ever, now devolved upon him, and
he need hardly say that he felt very sensibly the,
responsibility which attached to him, in the perform-
, ante of that duty. It was no light matter for a
Government to be under the necessity of con• '
templating a revolution of the statute law, though
he was happy to say none had taken place,
and it was not, therefore, necessary for him
to apply to the House for a Bill of in-
demnity. But still her Majesty's Government
stood there to be judged by Parliament upon this
imp)rtant question, and it was for that purpose that
Parliament had been called together at an earlier
period than was usual. It was impossible not
to feel that as their feelings had been ex-
cited, and some of their interests affected by the
recent occurrences, that all the members of the
House could act in this matter as impartial judges,
and as this circumstance placed him in a situation of
peculiar difficulty, he hoped he might be allowed to
ask of the House more than an ordinary share of that
indulgence which he had so often experienced at their
hands. In taking the course they had pursued,
Government had been prepared to meet with
blame, which attached to all parties who
took a middle course, but the view which
would be taken of their conduet would no doubt be
pr
moreov e d e
o ofm
influenced in a considerable degree by the opinions
entertained of the Act of 1844. Those who disap-
pitlevvteelrye liekpealyrtetdo bfrlaomme tiltt,emanfdoracncootrhdaiovginly
beend having
they had already met by parties who said they
ought not to have
—and by others, ',Theo goodby their interference
interfered—by others, who
contended,To that they ought
said they had done
to have interfered sooner. , those who said they
ought to have interfered soonerw
prepared to
departed
d have
still
prove that an earlier interferenceniust be
In answer
proved mischievous, instead of benefiwciolil
con_
to those who said they ought to havea (le
further from the Bill of 1844, he must telll
had they done so Government would have acteT
trary to their first conviction, because the principle
upon which that Bill continued they eon_