The Sun.
London, England, 1847-12-04 00:00:00

. 4

is
are told that it is restricting our export trade in cotton-
i
goods. No doubt it is; no doubt it is a novel thing that
persons engaged in commercial enterprise should pay
ten per cent. for money ; but no issue of
bank-notes will remedy that evil. The dearth again
is a dearth of capital—(Hear, hear}-and while capital
is scarce, pass what laws you please, you must pay for it.
—(Heer, hear.) But, as happened in the six cases to
which I have referred before, the native energies of this
country would have enabled you to bear all this, without
that severity of suffering which you now endure, had it
not been that, in the midst of this commercial disaster,
there did supervene an unforeseen cause, which but ag-
gravated tenfold the difficulties of your position, and has
augmented that depression which has been the conse-
quence of over-excitement. Why how is it possible to
state that 33 millions sterling have been spent, 'in the
course of a few months—of little more than a year—for
the purpose of providing subsistence for the people of
this country, without seeing that, under any circum-
stances, even had it been a time of great prosperity, the
evil must have been most intensely felt, the suffering
must have been most severe ? And when the investment
of capital, for the purpose of purchasing food, came con-
currently with the exhaustion of capital, in consequence
of improvident commercial engagements, it does require
all the energies of this country to bear that double simul-
taneous burthen.—(Hear, hear.) Well, Sir, but teem
has been a still further cause of difficulty; concurrently
with these two, there has been the adaptation of an un-
usual amount of capital to a new species of enterprise,—
namely, the railways. Ido not estimate the effect of
that application of capital so highly as some gentlemen
have done. I think that, under ordinary circumstances,
nothing would have been more advantageous than such
an application.—(Hear, hear.) I think that, by the ex-
tension of railways, yeu are laying the foundation of
great future good; and I very much doubt whether or
not we ought not to deduct from any evil which the
sudden application of capital to railways may have
caused all that which otherwise would have been caused
by the employment of a like amount of capital in foreign.
railways, and in foreign securities generally.—(Hears
hear.) I believe that, had we not had the demand for
food—had we not had the loss of capital, or, at least..
the suspension of engagements in consequence of im-
provident commercial enterprise—you would have
been able to bear the diversion of capital to railway&
with very little derangement of our monetary affairs.
For Ido not conceive that will be a dead loss. The
time will shortly come, those railways being completed,
when they may, I hope, be productive to those engaged
in them. And when I think what will be the saving to
the country in the conveyance of goods, the saving of
time in transport and locomotion, I cannot think that
railways ultimately, though at present a means of
heightening our difficulties, can fail to be a source of
great improvement and gain to the country.—(Hears
bear.) Country banks, joint-stock banks, are nothing
more than the intervening agents between those who
possess capital and those who employ it; they receive
deposits from all classes of individuals; heretofore they
have been accustomed, as the media between capitskl and
its employers, to divert almost the whole of it to com-
mercial enterprise. Suddenly, a large portion of this
capital is diverted to a new species of enterprise; and,
no doubt, this must for a time add still more to the
scarcity of capital, and so far increase the difficulties
under which we labour. Therefore, it appears to me
that the concurrence of those three causes—the last only
in a minor degree, the two former more heavily—is suf-
ficient to account for the stagnation we 13 ow feel.
Now, Sir, I must say a word with reference to' the let-
ter of the Noble Lord at the head of the Government.
I am bound to say, as not being one of the Nobile Lord's
ordinary supporters, that I do cordially approve of the
course Government has taken on that matter.—(Cheers.)
I think they were perfectly right in not issuimg that
letter sooner than they did.—(Hear, hear.) The true
remedy for the state of things under which we are suf-
fering, is individual exertion, the contraction of engage-
ments, the cessation of all demands which can create
embarrassment; and had the Government at an earlier
period signified an intention to relax the law they would
have materially discouraged those individual exertions,
which, after all, must be our main reliance.—(Heir,
hear.) But when we were in a state of panic—a state
which cannot be foreseen or provided against by law—
then I think the authority of the Executive Govern-
ment to prevent the consequences of that increasing
panic was properly exercised.—(Hear.) I consider the
issue of that letter is no necessary impeachment of the
law. I entirely differ from those who say that the
necessity for issuing that letter is a conclusive
proof that there ought to have been a discretionary
power confided in the Bank.—(Hear, hear.) It is one
of those cases in which, as was foreseen by Mr. Hus-
kisson, not legislation, but the discretion of the Go-
vernment must apply. I think the Government, there-
fore, was justified in issuing that letter. I think they
acted with the strictest regard to all constitutional
scruples in summoning Parliament when they did. If
there had been a violation of the law, I think the first
appeal ought to have been to Parliament to give them an
indemnity; but as there was none, I do not know how it
was possible to draw up an application for an indemnity.
—(Laughter.) As far as there was any danger, it is
obviated by calling Parliament together, and I for one
say there is no necessity for an indemnity.—(4 laugh.)
I also think the Government were right in not leaving a
discretion to the Bank. I think it was a better *curse
for them to take, to sanction a violation of the law if it
was necessary, but themselves to prescribe the con-
ditions upon which the law should be violated—to
sanction the violation of the law, and throw upon the
Bank the responsibility of demanding a high interest.—
' (Hear, hear.) The Right Hon. Baronet proceeded to
say that he would not discuss the question, which would
be considered maturely in the Committee, ae to whether
there should be any alteration in the Act of 3844. He
should be acting a part unworthy of a Member of Par-
liament if he permitted any mere consideration of con-
sistency to prevent him from giving full consideration
to the Act of 1844.—(Hear, hear.) His own. impres-
sion was in favour of the main principles of that Act.
He thought the restriction should be continued on the
joint-stock banks of keeping a stock of bullion. Some
restriction was surely necessary, after the experience
of this crisis of 1839, of 1836, and of 18:16. It was
thought the Act of 1844 was the best mode of im-
posing :that restriction, and he knew no better.—
(Hear.) He heard with great satisfaction the speech
of his Right Hon. Friend (Mr. Herries) in *hid' he de-
clared his inviolate adherence to the principLe of a me-
tallic currency and
,of convertibility. He had no great
apprehension on that head, whatever he might heftr in
that House. He hoped for the security of property and
commercial enterprise some of the opinions which he
had heard in the course of the debate would not prevail.
The Hon Member for Wakefield had said he thought, on
the recommendation of the House, the Government
should pay off its debt of 14,000,0001. to the Bank in ha-
convertible paper. If the Government were to set that
example of paying to the Bank a debt which was die
and convertible in paper for which there was to be 120
other equivalent than other paper, he foresaw that indi-
viduals in the same difficulty would be too glad to adopt
the same course.—(Hear.) But he could not believe
that that House would sanction such injustice.—(Hem)
The Hon. Member for Stafford had proposed that they
should have convertible paper but with a fluctuating
standard. There seemed a contradiction in the *rms.--
(Laughter.) W hat was the meaning of it ? prase-
tieally that of assignats in France—notes :said gold
at the market price of gold meant nothing more or
less than a temptation to depreciate the value, of the
gold gold by the issue of paper, and then to pay y our debt
in that depreciated value. If they imposed limit
to
tthhee
pisrsineee
ooff
gpoarde;r p,
nthhemreitemduspta
pheerst:cinurerleeininicoyt
m under w ich
tihnea
rlisus ct
et ursattiienng
of
ttatnhdaart standard
system
nt no ill or
II . r
lteesshet hpaani d
the paper currency of Franco was depreciated some four
or five hundred per cent. His impression was Shia the
House would imitate the example of its predecessors.
In 1822, when the motion for an inquiry was made, Mr.
Huskisson moved, and that House assented to it, that
they should follow the example of Parliament in the
year 1697, and they resolved that they would nobt con-
sent to make an alteration in the standard coin .of the
realm. Again, in 1833, upon the motion of Lord Al-
thorp, the House re-asserted that principle. If there
should be a necessity for it, he felt convinced that the
House, on the most enlarged considerations of policy, and
with regard to strict justice, would re-afirsa that
e p. 0_
test.—(llear.) There was nothing in
the
aiVihniad"notngl
the eommercial transactions of this country
were in error when they talked about the price
defined!
in-
creased that the ancient standard was insnflicienot.f
gold They.
weight of gold, and nothing
the promissory note was a plrsoem,
e .the 101. note did, they
make their 51. note promise what i seen dtoif P:hyeya' chose to
would not in the slightest degree
currency. With the standard avlateluret,hewhnaattuhr of
ade
been
e
oeff
the increase in the prosperity the country ? When
the declared value of exports, which
decennial increase n
with the present standard of value, the
i
they found,
twas not more than 96,000,00104
had increased
three years was not less th an
the i
lßa3snextlt
uhned thought
within
couldconclusive pr
proof
°e
of nt dh ua et twti ht
standardthey would
o f
value see
they
d commerce that this country was capablr
e'ver might be their minute alterations i a
omfit hf9.oe,
soaton:evc:il,:naortt:
e.
this law of 1844, his hope was that the House would
show that they had the same regard to justic e
and good faith which had been shown by their
predecessors ; and remembering that whether th e
policy of the Act of 1844 was or was not a wise
policy, the transactions which had been entered inter
since 1822 were as ninety-nine to one, when compared
with the transactions which took place before that period,
and which still remained unliquidated, he trusted a re-
gard to their own character---a regard for justice—for
the permanent interests of the country—a regard, above
all, for the condition of those who earned by their in-
dustry the wages of labour, would induce the House of
Commons to uphold the standard which, after long
struggling, had been established by the wisdom of Par-
liament.—(Loud cheers.)
Mr. STUART (Newark) moved the adjournment of
the debate. The House then divided—
For the adjournment 45
Against
....--212
Majority
original motion, for the appointment o
Mr. WILSON then withdrew his anienfdma ecnetiumiandstathee,
was agreed to.
The House then adjourned at a Quarter past One.

KING'S COLLEGE HOSPITAL.—Some idea of the
extent of the prevalence of influenza may be formed
from the great increase of out-patients at the above
hospital during the past two weeks. Many days little
less than 800 apply; and on ono occasion (Tuesday last)
upwards of that - umber received medical treatmentwhon
and medicine from the dispensary. The attandance of
women and children on the same day was 250, of
the larger proportion were suffering from the prevailing
epidemic.

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